Premarket Prep Gold 20210326 - Bear Market Trader
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Premarket Prep Gold 20210326

Premarket Prep Gold 20210326

#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 below last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 con­sol­i­da­tion and pos­si­ble D1 phase 3 trad­ing at D1 VWAP in DT although trad­ing above D1 demand (which could be con­sid­ered a base)
    • Pos­si­ble H4 Phase 1 or 3, price trad­ing deep­er with­in demand, weak H4 bear engulf giv­ing H4-C‑S 1731.388
  • Pre­mar­ket
    • H4 bull engulf at H4 UKC with­in demand
  • Trend: H4 up, D1 down, W1 up
    • Pre­vail­ing trend: mixed trend
  • Mar­ket Profile
    • 2‑day over­lap­ping values
  • Dai­ly Range
    • ADR: 22221
    • ASR: 13329
      • 350
    • Day
      • Yes­ter­day’s High 1745.400
      • Yes­ter­day’s Low 1721.690


  • Loca­tions
    • H4-C‑S 1731.388 with­in val­ue at PPOC
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.2xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Open sen­ti­ment sug­gests a  con­tin­u­a­tion down­ward although a H4 bull engulf was formed pre­mar­ket there might be a rever­sal com­ing. Although with price trad­ing mid swing there might be grounds for fur­ther down­side as larg­er time­frame sen­ti­ment is still bearish
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Larg­er time­frame bear­ish sen­ti­ment, open sen­ti­ment, arrival at D1 base demand
    • Pre­ferred: Strong bear­ish price action with IB exten­sion down, sus­tained auction
    • Con: trad­ing right into demand
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: open sen­ti­ment, H4 bull engulf
    • Pre­ferred: Strong bull­ish price action with IB exten­sion up and sus­tained auc­tion although less like­ly with H4 c‑sup in the way
    • Con: LTF sup­ply at VAL, H4 c‑sup above
  • Hypo 3 — Respon­sive activity

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1738
  • H4-C‑S 1731.388

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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