Premarket Prep Gold 20210420 - Bear Market Trader
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Premarket Prep Gold 20210420

Premarket Prep Gold 20210420

#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 cur­rent­ly trad­ing with­in last week’s body as a pos­si­ble devel­op­ing spin­ning top although way too ear­ly in the week to say any­thing con­clu­sive oth­er than price has reached W1 VWAP in DT

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price moved high­er to D1 QHi with a D1 50MA in DT BO to UKC (although no CAS as of yet) form­ing an D1 Inside Bar at D1 QHi with longer sell­ing wick
    • H4 Bear Engulf with buy­ing wick formed at D1/H4 QHi giv­ing H4-C‑S 1779.50 with slight con­tin­u­a­tion down to H4 VWAP in UT coin­cid­ing with H4-C‑D 1762.5
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up com­ing from a W1 QLo rejection
  • Mar­ket Profile
    • Val­ues still in UT although dis­tance between has dras­ti­cal­ly decreased
  • Dai­ly Range
    • ADR: 23302
    • ASR: 14769
      • 370
    • Day
      • Yes­ter­day’s High 1789.970
      • Yes­ter­day’s Low 1766.650


  • Loca­tions
    • H4-C‑S 1779.50 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.6xASR
    • Pre­mar­ket
      • H4 Invert­ed Ham­mer at H4 VWAP
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance. Price hav­ing reached H4 VWAP in UT there could be a bounce from this level. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Respon­sive Activity
  • Hypo 2 — Return to Value
    • Nar­ra­tive: Com­ing from D1/H4 QHi there might be a continuation
    • Pre­ferred: Strong bear­ish PA, IB exten­sion down tak­ing out LTF demand
    • Con: Trend is up
  • Hypo 3 — Trend Continuation
    • Nar­ra­tive: same as Hypo 2

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1797
  • H4-C‑S 1779.50

ZOIs for Pos­si­ble Long

  • H4-C‑D 1762.50

Mind­ful Trading

  • Feel­ing okay but not the most sharp

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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