Premarket Prep Gold 20210427 - Bear Market Trader
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Premarket Prep Gold 20210427

Premarket Prep Gold 20210427

#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 trad­ing above last week’s body, but still with­in range

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Closed high­er react­ing off D1-C‑D 1775.50 clos­ing at D1 QHi below D1-C‑S 1783.85
    • Pos­si­ble D1 Phase 3
    • H4 Bear Engulf at H4 VWAP in UT CAR (and D1 c‑sup) although with longer buy­ing wick (react­ing off D1 c‑dem) clos­ing below H4 QHi. Price still above H4 50MA in UT
    • Pos­si­ble H4 Phase 1 or 3
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up although medi­um time­frame show signs of a pos­si­ble rever­sal or reaccumulation 
  • Mar­ket Profile
    • Val­ue was cre­at­ed below a 3‑day brack­et which in the case for an uptrend is not the strongest sign. If cou­pled with an open (and hold) below val­ue there could be more down­side on the short-term.
  • Dai­ly Range
    • ADR: 21787
    • ASR: 15208
      • 380
    • Day
      • Yes­ter­day’s High 1783.450
      • Yes­ter­day’s Low 1768.730


  • Loca­tions
    • D1-C‑S 1783.85 above Val­ue, slight­ly out­side range
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Pre­mar­ket
      • Closed as a H4 Inside Bar with longer sell­ing wick, pos­si­ble H4 DBD.
    • Nar­ra­tive
      • Val­ue was cre­at­ed below a 3‑day brack­et which in the case for an uptrend is not the strongest sign. As the mar­ket opened with­in val­ue there might be some bal­anc­ing before any con­tin­u­a­tion or reversal. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Nar­ra­tive: Open sentiment
    • Pre­ferred: Play off LTF SD and ADR lev­els, D1/M30 demand at VAL
    • Con: Pos­si­ble H4 DBD
  • Hypo 2 — Val­ue Rejec­tion Down
    • Nar­ra­tive: Pos­si­ble H4 DBD, close below D1 QHi
    • Pre­ferred: Strong Bear­ish PA, IB exten­sion down clos­ing well with­in demand
    • Con: Trad­ing right into H4/D1 demand
  • Hypo 3 — Val­ue Rejec­tion Up
    • Nar­ra­tive: 
    • Pre­ferred: Strong Bull­ish PA, IB exten­sion Up, sus­tained auc­tion tak­ing out LTF/H4 supply
    • Con: Open sentiment

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1805.50
  • D1-C‑S 1783.85

ZOIs for Pos­si­ble Long

  • D1-C‑D 1775.50 (High Dis­tr. Curve)
  • H4-C‑D 1770.25

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay but not a 100%

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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