Premarket Prep Gold 20210408 - Bear Market Trader
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Premarket Prep Gold 20210408

Premarket Prep Gold 20210408

#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 last week’s Drag­on­fly Doji and W1 demand

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 RBR after reject­ing D1 QLo with yes­ter­day form­ing an Inside Bar with a buy­ing wick — still trad­ing with­in D1 sup­ply (about 1xADR to go to take out said supply)
    • Pos­si­ble H4 Phase 1 or 3 test­ing off H4 VWAP in UT trad­ing with­in H4 QHi (pos­si­bly less valu­able as D1 QLo has been reject­ed). Con­sis­tent H4 demands in UT being made
    • H4 Sup­ply End 1746.500 (round num­ber) still intact
  • Trend: H4 up, D1 down, W1 up
    • Pre­vail­ing trend: Mixed Trend
  • Mar­ket Profile
    • Val­ues still in UT although strength has died off a bit as yesterday’s val­ue is right on top of the pre­vi­ous one. 
  • Dai­ly Range
    • ADR: 21681
    • ASR: 11993
      • 300
    • Day
      • Yes­ter­day’s High 1743.780
      • Yes­ter­day’s Low 1730.530


  • Loca­tions
    • H4-C‑S 1742.491 above VAH with­in M30 QHi
    • H4-C‑D 1732.717 below VAL right above M30 QLo 
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.3xASR
    • Pre­mar­ket
      • H4 Morn­ing Star with IB tak­ing out H4 sup­ply. In line with pos­si­ble D1 RBR.
      • Trend just turned all to UP
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance even though slight­ly above range. Pos­si­ble D1 RBR and H4 sup­ply tak­en out after form­ing a Morn­ing Star.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: Pos­si­ble D1 RBR, H4 sup­ply tak­en out
    • Pre­ferred: Strong Bull­ish Price Action, IB exten­sion up with sus­tained auction
    • Con: H4-C‑S 1751 right above
  • Hypo 2 — H4 Swing Reversal
    • Nar­ra­tive: H4 sup­ply over­head, Trad­ing with­in D1 sup­ply, pos­si­ble D1 consolidation 
    • Pre­ferred: IB exten­sion up with price action rever­sal at H4 sup­ply, per­haps a failed auc­tion or TPO struc­ture build and or sin­gle print fade
    • Con: Pos­si­ble D1 RBR
  • Hypo 3 — Val­ue Acceptance
    • Nar­ra­tive: D1 supply
    • Pre­ferred: No IB exten­sion up, ear­ly accep­tance and follow-through
    • Con: IB not the widest, LTF demand at VAL, H4 C‑dem at VAL

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1751

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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