Premarket Prep Gold 20210329 - Bear Market Trader
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Premarket Prep Gold 20210329

Premarket Prep Gold 20210329

#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 inside bar
  • Pos­si­bly form­ing a MN ham­mer (no close yet)

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Con­sol­i­da­tion between sup­ply and demand, trad­ing mid D1 swing
    • Trad­ing mid H4 swing
    • Pos­si­ble H4 Phase 1 / 3 
  • Pre­mar­ket
    • Closed as Bear Engulf from con­sol­i­da­tion giv­ing new sup­ply right at W1 demand
  • Trend: H4 up, D1 down, W1 up
    • Pre­vail­ing trend: Mixed trend in line with bal­anc­ing in the market
  • Mar­ket Profile
    • Val­ue cre­at­ed below pre­vi­ous value
  • Dai­ly Range
    • ADR: 20798
    • ASR: 13165
      • 330
    • Day
      • Yes­ter­day’s High 1736.650
      • Yes­ter­day’s Low 1721.450


  • Loca­tions
    • N.A.
  • Sen­ti­ment
    • LN open
      • With­in value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • Open with­in val­ue at M30 QLo sug­gest­ing a bal­anc­ing mar­ket. IB cre­at­ed a bull engulf with no fol­low through (yet). Medi­um time­frame bal­anc­ing so unless a big demand/supply gets tak­en out price will con­tin­ue to balance. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Mar­ket /  Val­ue Rejec­tion Failure
    • Nar­ra­tive: Bal­anc­ing Market
    • Pre­ferred: Play off LTF SD and ADR levels
  • Hypo 2 — Val­ue Rejec­tion Up
    • Nar­ra­tive: Price trad­ing at M30 QLo at the bot­tom of medi­um time­frame range
    • Pre­ferred: Strong Bull­ish price action coin­cid­ing with an IB exten­sion, sus­tained auction.
    • Con: New­ly formed H4 supply
  • Hypo 3 — Val­ue Rejec­tion down
    • Nar­ra­tive: con­tin­u­a­tion to H4 Bear Engulf, mid D1 swing
    • Pre­ferred: IB exten­sion down coin­cid­ing with val­ue rejec­tion, sus­tained auction
    • Con: W1 demand

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect
  • End of the month

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1738

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730

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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