Premarket Prep Gold 20210412 - Bear Market Trader
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Premarket Prep Gold 20210412

Premarket Prep Gold 20210412

#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

  • Price trad­ing at top of last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price hit D1-C‑D 1743 BASE lev­el then test­ed D1 VWAP after BO to CAS after form­ing an Inside Bar at D1 50MA in DT with­in D1 supply
    • H4 con­sol­i­da­tion with­in H4 QHi edge
  • Trend: H4 up, D1 up, W1 up
    • Pre­vail­ing trend: Trend is up
  • Mar­ket Profile
    • 2‑day over­lap­ping values
  • Dai­ly Range
    • ADR: 21639
    • ASR: 12530
      • 315
    • Day
      • Yes­ter­day’s High 1757.270
      • Yes­ter­day’s Low 1731.190


  • Loca­tions
    • D1-C‑S 1743 Base lev­el (coin­cid­ing with new­ly formed H4 sup­ply) at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.3xASR
    • Pre­mar­ket
      • H4 closed as a ham­mer (although body closed above 50% mark of pre­vi­ous can­dle) clos­ing at H4 QHi edge not reject­ing it below. 
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Pos­si­ble H4 DBD in line with D1 Bear­ish Inside Bar return­ing to D1 base lev­el. Although that Inside Bar had a long buy­ing wick and thus buy­ers are still present (D1 VWAP in DT BO to pos­si­ble CAS).
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Pos­si­ble H4 DBD in line with D1 Bear­ish Inside Bar return­ing to D1 base level
    • Pre­ferred: Strong Bear­ish Price Action with IB exten­sion down and sus­tained auction 
    • Con: W1/H4 demand below at H4 200MA in DT
  • Hypo 2 — M30 Swing Reversal
    • Nar­ra­tive: vari­a­tion to Hypo 1
    • Pre­ferred: IB exten­sion down hit­ting H4/W1 demand. Strong Bull­ish price action rever­sal and failed auction.
    • Con: N.A.
  • Hypo 3 — Val­ue Acceptance
    • Nar­ra­tive: Some­what near val­ue edge
    • Pre­ferred: Ear­ly accep­tance and quick follow-through
    • Con: LTF sup­plies and H4 sup­ply above VAH

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 / W1-C‑D 1730.366

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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