Premarket Prep Gold 20210324 - Bear Market Trader
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Premarket Prep Gold 20210324

Premarket Prep Gold 20210324

#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
  • Month­ly trad­ing slight­ly below last month’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear Engulf (at VWAP in DT) giv­ing D1-C‑S 1738 return­ing to D1-C‑D 1727 BASE (test­ed mul­ti­ple times)
    • H4 Morn­ing Star at D1-C‑D 1727 BASE
    • Mid H4 swing
    • Pre­mar­ket: Closed as a H4 Inside Bar form­ing some supply
  • Trend: H4 up, D1 down, W1 up
  • Mar­ket Profile
    • Val­ue cre­at­ed above pre­vi­ous although still with­in over­all range
    • ADR: 24463
    • ASR: 14205
      • 360
    • Day
      • Yes­ter­day’s High 1742.460
      • Yes­ter­day’s Low 1724.610


  • Loca­tions
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.4xASR
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance. Open right at D1-C‑D 1727 BASE after a H4 inside bar was formed retrac­ing all the way back to new­ly formed H4 C‑dem which shares the lev­el with the D1 Base lev­el. D1 could see a con­tin­u­a­tion at D1 VWAP in DT although trad­ing direct­ly into D1 demand could prove tricky. 
  • Clar­i­ty (1–5, 5 being best)
    • 2 — lack­ing clarity
  • Hypo 1 — Return to Value
    • Nar­ra­tive: H4 Three Inside Down in the mak­ing, D1 DBD
    • Pre­ferred: Per­haps a test of LTF sup­ply before clos­ing strong bear­ish­ly, IB exten­sion down, prob­a­bly low/medium ini­tia­tive activ­i­ty day. Oth­er­wise a test of VAL with near­by D1-C‑S 1738
    • Con: D1 demand
  • Hypo 2 — M30 Swing Rever­sal Up
    • Nar­ra­tive: H4 RBR in the mak­ing D1 c‑dem near­by, trad­ing with­in W1 demand
    • Pre­ferred: Strong bull­ish price action, IB exten­sion up tak­ing out LTF sup­ply test­ing VAL (@M30 QHi)
    • Con: trad­ing right into H4 supply
  • Hypo 3 — Respon­sive Activity

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1738

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730
  • D1-C‑D 1727 BASE

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


Day trader. Tech geek. Sim Racing Enthusiast.

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