Premarket Prep Gold 20210407

07 Apr Premarket Prep Gold 20210407

#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:

Gold Week 14 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Week­ly Focus Points

• Min. 3 times hit­ting the gym + manda­to­ry cardio
• Only trade the main account
• Be mind­ful of DTTZs
• Only price-action based exit rules (or if hit time stop comes earlier)
• M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ

Com­pared against Week­ly Trad­ing Plan

• Trad­ing above W1-C‑D 1730.366

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 RBR (with Base at W1 C‑dem) clos­ing deep­er into D1-C‑S 1724.823 after hav­ing reject­ed D1 QLo clos­ing above D1 VWAP in DT (pos­si­ble BO)
  • H4-C‑S 1742.491 test­ed mul­ti­ple times before return­ing and test­ing it once more 3 weeks). On test there was a con­sol­i­da­tion and break down not hav­ing reached H4-C‑D 1732.717 (yet)
• Trend: H4 Up, D1 Down, W1 Up
  • Pre­vail­ing trend: Mixed trend
• Mar­ket Profile
  • Val­ue in UT although dis­tances get­ting closer
• Dai­ly Range
  • ADR: 23782
  • ASR: 11808
    • 300
  • Day
    • Yes­ter­day’s High 1745.380
    • Yes­ter­day’s Low 1727.160

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1742.491 at M30 VWAP in UT BD to CAR, with­in M30 QHi
  • H4-C‑D 1732.717 with­in Val­ue, M30 QLo, LTF demand
• Sen­ti­ment
  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.6xASR
  • Pre­mar­ket
    • Big H4 Bull­ish Inside Bar
  • Nar­ra­tive
    • Mod­er­ate to large imbal­ance. With the new­ly formed H4 bull­ish inside bar and D1 Bull­ish sen­ti­ment price could see a return to val­ue edge before con­tin­u­ing high­er. That is unless Val­ue gets accepted.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Return to Value 
  • Nar­ra­tive: D1 RBR with Base around W1 c‑dem, H4 c‑dem with­in value
  • Pre­ferred: Ear­ly IB exten­sion down, Bull­ish price action rever­sal at VAH/LTF demand, failed auction. 
  • Con: 
• Hypo 2 — Val­ue Acceptance
  • Nar­ra­tive: H4 con­sol­i­da­tion and break down at H4 supply
  • Pre­ferred: IB exten­sion down, sus­tained auc­tion accept­ing value
  • Con: D1 RBR

Addi­tion­al notes

• Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1742.491

ZOIs for Pos­si­ble Long

• H4-C‑D 1732.717

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

• Twit­ter
• Insta­gram