Premarket Prep Gold 20210409 - Bear Market Trader
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Premarket Prep Gold 20210409

Premarket Prep Gold 20210409

#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 con­sol­i­da­tion range and W1 demand

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 RBR giv­ing D1-C‑D 1743 BASE near­ing D1 Sup­ply End 1760.50 but not (yet) tak­en out
    • Mid D1 swing with RBR rejec­tion D1 QLo
    • Price trad­ing with­in H4 QHi which is wide, price fal­ter­ing with­in H4-C‑S 1751
  • Trend: H4 up, D1 up, W1 up
    • Pre­vail­ing trend: strong uptrend although still with­in D1 supply
  • Mar­ket Profile
    • Val­ues still in UT
  • Dai­ly Range
    • ADR: 21374
    • ASR: 12294
      • 310
    • Day
      • Yes­ter­day’s High 1758.610
      • Yes­ter­day’s Low 1733.070


  • Loca­tions
    • H4 c‑sup with­in range above value
    • D1-C‑D 1743 BASE at VAL and H4 VWAP in UT
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1xASR
    • Pre­mar­ket
      • Mod­er­ate Imbal­ance. Near prox­im­i­ty to VAH. Val­ue accep­tance is a possibility.
    • Nar­ra­tive
      • Val­ue got accept­ed dur­ing A and B formed an Inside bar with long buy­ing wick although price hasn’t rotat­ed through val­ue yet. VAL ar M30 QLo and H4 VWAP in UT as well as D1 BASE level. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Acceptance
    • Nar­ra­tive: near prox­im­i­ty to val­ue edge
    • Pre­ferred: Ear­ly accep­tance with quick follow-through
    • Con: D1 base demand at VAL
  • Hypo 2 — Return to Value
    • Nar­ra­tive: Due to D1-C‑D 1743 BASE and val­ue edge there might be enough buy­ers to push price high­er in line with the D1 RBR to poten­tial­ly take out supply
    • Pre­ferred: Strong Bull­ish price action with IB exten­sion up with sus­tained auction
    • Con: IB exten­sion down, Fri­day profit-taking

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1751

ZOIs for Pos­si­ble Long

  • D1-C‑D 1743 BASE
  • 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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