Premarket Prep Gold 20210426 - Bear Market Trader
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Premarket Prep Gold 20210426

Premarket Prep Gold 20210426

#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

  • Last week closed as a spin­ning top with slight­ly longer sell­ing wick (react­ing off W1 VWAP in DT) although due to W1 QLo rejec­tion there could be a con­tin­u­a­tion to this move and thus form­ing a W1 RBR. Still too ear­ly to say since we still have 5 trad­ing days before a W1 close.
  • Price is cur­rent­ly trad­ing above last week’s body (with­in range of sell­ing wick though)

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear­ish Inside Bar with con­tin­u­a­tion down although no close with­in D1-C‑D 1775.50 (which is high in the dis­tri­b­u­tion curve) but clos­ing below D1 QHi
      • Although due to W1 QLo rejec­tion an oppos­ing low­er time frame QHi like the D1 could prove weak and get tak­en out
    • H4 con­sol­i­da­tion and H4 Bear Engulf (giv­ing H4-C‑S 1785.25) break down fin­ish­er coin­cid­ing with a H4 VWAP in UT BD. Price arrived at H4 50MA in UT and H4-C‑D 1770.25 and saw a reac­tion to a pos­si­ble H4 VWAP in UT BD to CAR (coin­cid­ing with a retest of H4 QHi after an rejection)
  • Trend: H4 up, D1 up, W1 up
    • Pre­vail­ing trend: Trend is up. 
  • Mar­ket Profile
    • Some­what of a flim­sy 3‑day bracket
  • Dai­ly Range
    • ADR: 22465
    • ASR: 14701
      • 370
    • Day
      • Yes­ter­day’s High 1795.940
      • Yes­ter­day’s Low 1769.910


  • Loca­tions
    • H4-C‑S 1785.25 is with­in val­ue at PPOC
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.4xASR
    • Pre­mar­ket
      • Closed as a H4 Bear­ish Inside Bar
    • Nar­ra­tive
      • Mod­er­ate to large Imbal­ance at the open. Even though Medi­um time­frame shows a pos­si­ble rever­sal there has not been a con­tin­u­a­tion to that sen­ti­ment yet to con­sid­er chang­ing the larg­er time­frame bull­ish sen­ti­ment. The open below val­ue does show sell­ers more in con­trol and thus we could see a return to val­ue. An accep­tance of val­ue would negate the short term bear­ish sentiment.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Open sen­ti­ment, Medi­um time­frame bear­ish sen­ti­ment, H4 bear­ish inside bar at retest of H4 QHi after rejection.
    • Pre­ferred: Move high­er to VAL extend­ing IB (pos­si­bly test­ing H4 c‑sup at PPOC) ear­ly on to strong bear­ish PA at val­ue edge to failed auction. 
    • Con: Larg­er time­frame bull­ish sentiment. 
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Larg­er time­frame bull­ish sentiment
    • Pre­ferred: ear­ly accep­tance and quick rotation
    • Con: H4 c‑sup at PPOC

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1805.50
  • H4-C‑S 1785.25

ZOIs for Pos­si­ble Long

  • D1-C‑D 1775.50 (High Dis­tr. Curve)

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay although slept a lit­tle less than normal

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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