Premarket Prep Gold 20210325 - Bear Market Trader
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Premarket Prep Gold 20210325

Premarket Prep Gold 20210325

#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

  • Still about a week to go into the close of the month
    • Month­ly cur­rent­ly show­ing a devel­op­ing drag­on­fly doji which at close even could still mean fur­ther downside.
  • Price trad­ing with­in last week’s body above W1 C‑dem

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 con­sol­i­dat­ing in a range between Sup­ply and Demand with yes­ter­day clos­ing as a Bull­ish Inside Bar price could be in D1 phase 3
    • Mid D1 swing
    • Pos­si­ble H4 Phase 1 / 3
  • Pre­mar­ket
    • Closed as a H4 Bear Engulf with long sell­ing wick
  • Trend: H4 up, D1 down, W1 up
    • Pre­vail­ing trend: Mixed trend. Will let the pro­file and open sen­ti­ment guide trad­ing decisions.
  • Mar­ket Profile
    • Val­ue cre­at­ed below pre­vi­ous val­ue although still with­in over­all range (at the bottom)
  • Dai­ly Range
    • ADR: 23197
    • ASR: 13528
      • 340
    • Day
      • Yes­ter­day’s High 1738.420
      • Yes­ter­day’s Low 1723.870


  • Loca­tions
  • Sen­ti­ment
    • LN open
      • Opened right above VAH
    • Open dis­tance to value
      • 0.01xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Price opened at val­ue edge after hav­ing cre­at­ed a H4 Bear Engulf with long sell­ing wick (tak­ing out sup­ply) in pre­mar­ket. Val­ue could get accepted. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Acceptance 
    • Nar­ra­tive: Open sen­ti­ment, medi­um time­frame bear­ish sentiment
    • Pre­ferred: Ear­ly accep­tance with quick follow-through
    • Con: Trad­ing right into demand
  • Hypo 2 — Return to Value
    • Nar­ra­tive:  H4 tak­ing out of supply
    • Pre­ferred: Val­ue edge hold­ing with bull­ish price action and IB exten­sion up, sus­tained auction.
    • Con: Pos­si­ble D1 Phase 3

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


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