Premarket Prep Gold 20210330 - Bear Market Trader
day trade, day trading, forex, FX, trade plan, trading plan, XAU USD, XAUUSD, GOLD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,

Premarket Prep Gold 20210330

Premarket Prep Gold 20210330

#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 month’s body
  • Trad­ing deep­er into W1 supply

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 break down from con­sol­i­da­tion through Bear Engulf giv­ing D1-C‑S 1727.859 return­ing to D1-C‑D 1707.900 arriv­ing at D1 QLo (no reac­tion yet)
    • H4 phase 4 with a bear engulf giv­ing new sup­ply at H4-C‑S 1710.694 (low in dis­tri­b­u­tion curve)
  • Pre­mar­ket
    • Con­tin­u­a­tion to H4 drop tak­ing out D1 demand
  • Trend: H4 up, D1 down, W1 up
    • Pre­vail­ing trend: Mixed trend
  • Mar­ket Profile
    • 2‑day over­lap­ping val­ues with price break­ing down and trad­ing below
  • Dai­ly Range
    • ADR: 21818
    • ASR: 12634
      • 320
    • Day
      • Yes­ter­day’s High 1732.810
      • Yes­ter­day’s Low 1705.680


  • Loca­tions
    • D1-C‑S 1727.859 at VAH
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.9xASR
    • Nar­ra­tive
      • Huge Imbal­ance. Plus IB cre­at­ed is 0.9xASR indi­cat­ing either a strong move down or per­haps respon­sive activ­i­ty. With under­ly­ing D1 demand it is prob­a­bly too risky to trade direct­ly into it.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: H4 phase 4 tak­ing out D1 demand
    • Pre­ferred: IB exten­sion down on momen­tum with sus­tained auction.
    • Con: D1 demand underneath 
  • Hypo 2 — Respon­sive Activity
    • Nar­ra­tive: Too wide IB range
    • Pre­ferred: Price extends below, fails auc­tion, M30 QLo
    • Con: pos­si­ble H4 phase 4

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect
  • End of the month

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1727.859
  • H4-C‑S 1710.694

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730
  • D1-C‑D 1707.900
  • D1-C‑D 1693

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.

No Comments

Post A Comment