Premarket Prep Gold 20210319 - Bear Market Trader
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Premarket Prep Gold 20210319

Premarket Prep Gold 20210319

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for GOLD. This prep builds off of my week­ly trade plan I made here:

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Week­ly Focus Points

  • Only trade the main account
  • Focus on time-based exits
  • Don’t look at M5 chart unless with­in the last hour of trad­ing window

Com­pared against Week­ly Trad­ing Plan

  • Trad­ing above last week’s body with cur­rent­ly a devel­op­ing sell­ing wick (which we would need a close to con­firm). Price trad­ing right on top of W1-C‑D 1730

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price trad­ing high­er con­firm­ing D1 Swing and cur­rent­ly trad­ing mid-swing
    • Price ran into D1 VWAP in DT (with­in D1-C‑S 1725.10 sup­ply, which is a base lev­el) and closed yes­ter­day as a Bear­ish Inside bar (after reach­ing to take out sup­ply) but with long buy­ing wick. 
    • H4 drop and what looks like a dead cat bounce through Evening star clos­ing with­in new­ly formed demand H4-C‑D 1734.077
    • Pre­mar­ket: H4 Bull Engulf at new­ly formed demand giv­ing H4-C‑D 1734.850
  • Trend: H4 up, D1 down, W1 up
  • Mar­ket Profile
    • 4‑day brack­et with yesterday’s val­ue being very wide
    • ADR: 26929
    • ASR: 17019
      • 430
    • Day
      • Yes­ter­day’s High 1755.410
      • Yes­ter­day’s Low 1719.200


  • Loca­tions
    • H4-C‑D 1734.077 with­in value
  • Sen­ti­ment
    • LN open
      • With­in value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket. Although the open was with­in val­ue it hap­pened at VAH and was fol­lowed by a con­sol­i­da­tion at val­ue edge dur­ing IB. Even though a H4 Bull Engulf was formed pre­mar­ket (fail­ing to close above QHi) the mul­ti-day brack­et­ing sug­gests a bal­anc­ing mar­ket at the moment at the end of a medi­um time­frame uptrend. With price being at D1 VWAP in DT could encounter more sellers. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Bal­anc­ing Market 
    • Nar­ra­tive: open within
    • Pre­ferred: play off near­by LTF SD and ADR levels
  • Hypo 2 — Val­ue Rejec­tion up
    • Nar­ra­tive: H4 bull engulf, D1 bull­ish sentiment
    • Pre­ferred: Strong Break up from con­sol­i­da­tion at val­ue edge coin­cid­ing with IB exten­sion up and sus­tained auc­tion. In case of a IB exten­sion down this the­sis would be invalidated. 
    • Con: IB exten­sion down. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1751
  • D1-C‑S 1725.10 BASE

ZOIs for Pos­si­ble Long

  • H4-C‑D 1734.850
  • W1-C‑D 1730
  • D1-C‑D 1707.500

Mind­ful Trading

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • Con­tin­ue track­ing my DRC track­ing sheet
    • Focus on my own progress and less on others
    • Feel­ing okay with NOT trading
    • Have ‘qui­eter’ weekends
  • Week­ly Goal
    • Min. 3 times hit­ting the gym
  • Trad­ing Rules
    • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
  • Risk Man­age­ment
    • 3 trades 1% risk, 3rd trade only if first 2 worked out
    • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING


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