Premarket Prep Gold 20210413 - Bear Market Trader
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Premarket Prep Gold 20210413

Premarket Prep Gold 20210413

#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

  • Retrac­ing all of last week’s body, pos­si­ble W1 consolidation

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Three Inside Down react­ing off D1 50MA in DT (near Sup­ply End) and return to W1-C‑D 1730.366 although still trad­ing with­in D1 supply
    • Mid D1 swing
    • H4 VWAP in UT BD coin­cid­ing with H4 con­sol­i­da­tion and break down reject­ing H4 QHi arriv­ing at H4-C‑D 1726
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up
  • Mar­ket Profile
    • First Val­ue below 2‑day over­lap­ping values
  • Dai­ly Range
    • ADR: 21876
    • ASR: 12322
      • 310
    • Day
      • Yes­ter­day’s High 1744.920
      • Yes­ter­day’s Low 1727.290


  • Loca­tions
    • D1-C‑S 1743.50 near VAL out­side range
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.1xASR
    • Pre­mar­ket
      • H4 Bear Engulf (big) cre­at­ing H4-C‑S 1732.662 return­ing to H4 demand 
    • Nar­ra­tive
      • Large imbal­ance. Pos­si­ble mean rever­sion to new­ly formed H4 c‑sup. If there is momen­tum behind the move it could take out H4 demand although not like­ly at the moment.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: H4 demand, large imbal­ance at the open
    • Pre­ferred: Strong bull­ish price action extend­ing IB on momen­tum with sus­tained auc­tion to val­ue edge
    • Con: New­ly formed H4 c‑sup right in the way giv­ing sub­par Prof­it tar­get (1R)
  • Hypo 2 — Return to Value
    • Nar­ra­tive: New big H4 bear engulf
    • Pre­ferred: Failed auc­tion after tra­vers­ing to H4 c‑sup with strong bear­ish price action. 

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1743.50

ZOIs for Pos­si­ble Long

  • D1-C‑D 1743 BASE
  • H4-C‑D 1732.717 / W1-C‑D 1730.366

Mind­ful Trading

  • Feel­ing tired — caution

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


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