Premarket Prep Gold 20210423 - Bear Market Trader
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Premarket Prep Gold 20210423

Premarket Prep Gold 20210423

#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

  • Slight reac­tion off W1 VWAP in DT but still trad­ing above last week’s body and broke the range high
  • Mid W1 swing

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 RBR to close above D1 UKC in DT fol­lowed by a Bear­ish Inside Bar trad­ing with­in D1 QHi
    • Price took out H4 sup­ply and trad­ed high­er to H4-C‑S 1797 before revers­ing. Price is bounc­ing off H4 VWAP in UT through a Three Inside Up 
  • Trend: H4 up, D1 up, W1 up
    • Pre­vail­ing trend: Trend is up
  • Mar­ket Profile
    • Flim­sy 2 day over­lap­ping values
  • Dai­ly Range
    • ADR: 22293
    • ASR: 15024
      • 380
    • Day
      • Yes­ter­day’s High 1797.790
      • Yes­ter­day’s Low 1777.320


  • Loca­tions
    • H4-C‑S 1797 at ADR o.5 High
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Pre­mar­ket
      • H4 Bear­ish Inside Bar but above H4 VWAP in UT could still see some con­tin­u­a­tion high­er as trend is up as well. 
    • Nar­ra­tive
      • Bal­anc­ing mar­ket. ALthough price has con­sol­i­dat­ed around VAL and A closed with a bear engulf below val­ue but there is no IB exten­sion down (yet). Oth­er­wise a bal­anc­ing mar­ket play could be the play of the day.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Val­ue Rejec­tion Down
    • Nar­ra­tive: Con­sol­i­da­tion at VAL with pos­si­ble strong fin­ish­er below val­ue, pos­si­ble H4 VWAP in UT BD
    • Pre­ferred: Val­ue rejec­tion con­firmed through IB exten­sion down, Sus­tained auc­tion, could be low/medium activ­i­ty day
    • Con: Trad­ing right into H4 demand in a larg­er time frame uptrend
  • Hypo 2 — Bal­anc­ing Market
    • Nar­ra­tive: open sentiment
    • Pre­ferred: play off near­by ADR 0.5 and exhaus­tion levels
    • Con: Trend is up so longs are favored

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 1770

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay. Slept very long but nonethe­less will take it easy today. Sleep­ing long after mul­ti­ple days of sleep­ing too lit­tle doesn’t make up for it at once. 

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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