Premarket Prep Gold 20210322 - Bear Market Trader
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Premarket Prep Gold 20210322

Premarket Prep Gold 20210322

#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 with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Con­sol­i­da­tion cur­rent­ly trad­ing below consolidation
    • Close below H4 QHi with no fol­low-through (yet) price closed above H4 50MA with­in demand H4-C‑D 1734
    • Mid H4 swing.
    • Pre­mar­ket: H4 DBD into demand
  • Trend: H4 up, D1 down, W1 down
  • Mar­ket Profile
    • 4- day bracketing
    • ADR: 25873
    • ASR: 16148
      • 410
    • Day
      • Yes­ter­day’s High 1746.640
      • Yes­ter­day’s Low 1725.100


  • Loca­tions
    • H4-C‑S 1742.467 at VAH
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.5xASR
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance. Opened above M30 QLo.
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1 — Swing Reversal
    • Nar­ra­tive: D1 con­sol­i­da­tion being at the bot­tom of the range, H4 c‑sup, M30 QHi
    • Pre­ferred: IB exten­sion up and sus­tained auc­tion to val­ue edge to price action reversal
    • Con: Medi­um time­frame bull­ish sentiment 
  • Hypo 2 — Respon­sive activity
    • Nar­ra­tive: D1 consolidation
    • Pre­ferred: watch­ing paint dry
  • Hypo 3 — Trend continuation
    • Nar­ra­tive: H4 DBD close with­in demand, Price trad­ing at D1 VWAP in DT
    • Pre­ferred: con­fi­dent close below IB with sus­tained auction
    • Con: IB extend­ed above, trad­ing right into demand.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1742.467
  • D1-C‑S 1725.10 BASE

ZOIs for Pos­si­ble Long

  • H4-C‑D 1734
  • 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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