Premarket Prep Gold 20210407 - Bear Market Trader
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Premarket Prep Gold 20210407

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:

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


  • 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


Day trader. Tech geek. Sim Racing Enthusiast.

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