Premarket Prep Gold 20210414 - Bear Market Trader
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Premarket Prep Gold 20210414

Premarket Prep Gold 20210414

#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 last week’s body high still above last month’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Closed as a Bull Engulf giv­ing D1-C‑D 1741.470 with longer buy­ing wick after D1 VWAP BO to CAS
    • Clean arrival at H4-C‑D 1726 with large fol­low-through through Three Inside Up to con­sol­i­dat­ing with­in H4 QHi
  • Trend: H4 up, D1 up, W1 up
    • Pre­vail­ing trend: Trend is up
  • Mar­ket Profile
    • Val­ues in DT
  • Dai­ly Range
    • ADR: 22481
    • ASR: 13590
      • 340
    • Day
      • Yes­ter­day’s High 1748.850
      • Yes­ter­day’s Low 1723.670


  • Loca­tions
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.2xASR
    • Pre­mar­ket
      • Large Imbal­ance. And price test­ed D1-C‑D 1741.470 and moved high­er clos­ing as H4 Bull engulf with longer buy­ing wick after consolidation.. 
    • Nar­ra­tive
      • Pos­si­ble con­tin­u­a­tion to the D1 bull engulf even though price opened on a large imbal­ance. Could be a sign of strength behind the move. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Trend Continuation 
    • Nar­ra­tive: Pos­si­ble strength behind the move after D1 bull engulf at VWAP.
    • Pre­ferred: Strong Bull­ish price action with IB exten­sion up and sus­tained auction. 
    • Con: run­ning into H4-C‑S 1750.861
  • Hypo 2 — Respon­sive activity
    • Nar­ra­tive: Medi­um time­frame speedbump
  • Hypo 3 — Mean Reversion
    • Nar­ra­tive: Large imbal­ance at the open
    • Pre­ferred: Strong bear­ish price action tak­ing out LTF demand with susa­tiend auction
    • Con: H4 bull engulf with long buy­ing wick (2nd chance entry D1 bull Engulf)

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1750.861
  • 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 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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