Categories
Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
day trade, day trading, forex, FX, trade plan, trading plan, XAU USD, XAUUSD, GOLD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,
5827
post-template-default,single,single-post,postid-5827,single-format-standard,locale-en-us,vcwb,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky
 

Premarket Prep Gold 20210503

Premarket Prep Gold 20210503

#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
  • Trad­ing rules
    • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
    • Only price-action based exit rules (or if hit time stop comes earlier)
      • Oth­er­wise a Bart Simp­son exercise

Com­pared against Week­ly Trad­ing Plan

  • Trad­ing above last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Some D1 demand D1-C‑D 1771.75 cre­at­ed at  D1 VWAP in UT
    • Pos­si­ble D1 Phase 3 or 1
    • Pos­si­ble H4 Phase 1 at H4 LKC in R hav­ing cre­at­ed sup­ply and demand trad­ing in a range
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is Up
  • Mar­ket Profile
    • Price with­in over­all range
  • Dai­ly Range
    • ADR: 19513
    • ASR: 13011
      • 325
    • Day
      • Yes­ter­day’s High 1773.540
      • Yes­ter­day’s Low 1764.170

Sen­ti­ment

  • Loca­tions
    • D1-C‑D 1771.50 at VAH
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.7xASR
    • Pre­mar­ket
      • H4 Marubozu can­dle up from D1-C‑D 1771.75 stop­ping below D1 QHi
    • Nar­ra­tive
      • Large Imbal­ance. Although pre­mar­ket closed as a Marubozu with­in a pos­si­ble D1 Phase 3 there might not be a fol­low-through to the move. If there is there is still the D1 and H4 sup­ply in the way. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — D1 Swing Reversal
    • Nar­ra­tive: Large Imbal­ance at the open, near­by D1-C‑S 1783.50
    • Pre­ferred: Pos­si­ble exten­sion up with strong bear­ish PA fail­ing auction
    • Con: Larg­er time­frame bull­ish sen­ti­ment although no test of new­ly formed MN C‑dem (yet)
  • Hypo 2 — Mean Reversion
    • Nar­ra­tive: same as Hypo 1
    • Pre­ferred: IB exten­sion down with sus­tained auc­tion to val­ue edge
    • Con: same as hypo 1
  • Hypo 3 — Return to Value
    • Nar­ra­tive: D1 C‑dem at VAH with LTF demand above it in a larg­er time­frame bull­ish sentiment
    • Pre­ferred: IB exten­sion dow to LTF demand with a strong bull­ish PA to failed auc­tion to Neu­tral Day
    • Con: Pos­si­ble D1 Phase 3

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.93470
  • H4-C‑S 1.92900

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.92532
  • H4-C‑D 1.92040

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Feel­ing okay with NOT trading
    • Have ‘qui­eter’ weekends
  • Week­ly Goal
    • Min. 3 times hit­ting the gym + manda­to­ry cardio
    • Trad­ing rules
      • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
      • Only price-action based exit rules (or if hit time stop comes earlier)
        • Oth­er­wise a Bart Simp­son exercise
  • Risk Man­age­ment
    • With­out forc­ing a trade: aim to take 1 trade a day, if pos­si­ble 2. 
    • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

No Comments

Post A Comment