Premarket Prep Gold 20210419 - Bear Market Trader
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Premarket Prep Gold 20210419

Premarket Prep Gold 20210419

#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

  • W1 BO from con­sol­i­da­tion (after rejec­tion W1 QLo) near­ing W1 VWAP in DT, mid W1 swing

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price trad­ing at D1 QHi after a D1 VWAP in DT BO and CAS giv­ing D1-C‑D 1741.470
    • H4 Phase 2 arriv­ing at H4 QHi fol­lowed by a slow down in price action. H4-C‑D 1762.5 formed at H4 VWAP in UT
  • Trend: H4 up, D1 up, W1 up
    • Pre­vail­ing trend: Trend is up. W1 QLo got reject­ed and price has arrived at D1/H4 QHi. There is a pos­si­bil­i­ty for those swings to get tak­en out.
  • Mar­ket Profile
    • Val­ues in UT although Friday’s val­ue was 1.1xASR wide
  • Dai­ly Range
    • ADR: 22468
    • ASR: 13220
      • 330
    • Day
      • Yes­ter­day’s High 1783.720
      • Yes­ter­day’s Low 1759.710


  • Loca­tions
    • H4-C‑D 1762.50 at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.3xASR
    • Pre­mar­ket
      • H4 ham­mer after bull engulf a pos­si­ble RBR in the mak­ing. Even though below H4 QHi due to W1 QLo rejec­tion before price could take out H4/D1 QHi. 
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance with­in range implies a pos­si­ble con­tin­u­a­tion to the move up. Pos­si­bil­i­ty for D1 QHi to get tak­en out due to W1 QLo rejection. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Value
    • Nar­ra­tive: H4 ham­mer after bull engulf a pos­si­ble RBR in the mak­ing. Even though below H4 QHi due to W1 QLo rejec­tion before price could take out H4/D1 QHi. IBR wide indi­ca­tion pos­si­ble strength behind the move.
    • Pre­ferred: Strong Bull­ish PA with exten­sion up, sus­tained auc­tion to 1797
    • Con: Near­ing W1 VWAP in DT
  • Hypo 2 — H4 Swing Reversal
    • Nar­ra­tive: Vari­a­tion to Hypo 1
    • Pre­ferred: Exten­sion above to H4 sup­ply, Bear­ish PA with pos­si­ble TPO struc­ture, fade the auction
    • Con: N.A.

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1797

ZOIs for Pos­si­ble Long

  • H4-C‑D 1762.50

Mind­ful Trading

  • Feel­ing jumpy, didn’t sleep well. Gonna sit today out in terms of trad­ing but will observe and take notes.

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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