Premarket Prep Gold 20210323 - Bear Market Trader
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Premarket Prep Gold 20210323

Premarket Prep Gold 20210323

#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

  • Price trad­ing with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 con­sol­i­da­tion con­tin­ued, some tri­an­gle being formed mid swing at D1 VWAP in DT
    • H4 Evening star formed (giv­ing some sup­ply below pre­vi­ous sup­ply) at H4 QHi return­ing to H4-C‑D 1734 but clos­ing slight­ly above after react­ing off W1 C‑dem leav­ing behind some buy­ing wick.
    • Pre­mar­ket: H4 closed as a bull­ish Inside Bar not clos­ing with­in above sup­ply at H4 QHi
  • Mixed Trend: H4 up, D1 down, W1 up
  • Mar­ket Profile
    • Pro­files were brack­et­ing but yesterday’s has cre­at­ed a slight­ly big­ger swing and val­ue below the previous.
    • ADR: 25072
    • ASR: 15729
      • 400
    • Day
      • Yes­ter­day’s High 1743.070
      • Yes­ter­day’s Low 1727.320


  • Loca­tions
    • H4-C‑D 1734 at VAH near M30 QLo
    • H4-C_S 1742.467 at M30 QHi
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Inside Range
    • Open dis­tance to value
      • 0.3xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. D1 con­sol­i­da­tion after hit­ting a D1 Base sup­ply lev­el and open above val­ue mod­er­ate imbal­ance indi­cat­ing a poten­tial for an upwards move although due to D1 con­sol­i­da­tion and trad­ing just below H4 QHi prob­a­bly not a big move. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Open sen­ti­ment, D1 narrative
    • Pre­ferred: Strong Bull­ish Price action with IB exten­sion up (momen­tum) sus­tained auc­tion. Per­haps more like­ly an IB exten­sion down with price action rever­sal at VAH fol­lowed by a failed auction. 
    • Con: Trad­ing right into D1 sup­ply, New H4 supply
  • Hypo 2 — Respon­sive Activity
    • Watch­ing paint dry

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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