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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 20210505

Premarket Prep Gold 20210505

#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 month’s Bull Engulf
  • Trad­ing above last week’s body and made a HH from W1 formation

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear­ish Inside Bar (clos­ing below D1 QHi) mak­ing a slight HH and return­ing to D1-C‑D 1771.75 react­ing a little
    • Price trad­ed high­er and react­ed off H4-C‑S 1797 at H4 UKC in R before clos­ing as a Bear Engulf (giv­ing H4-C‑S 1783.670) return­ing to H4 base and con­se­quent test of orig­i­nat­ing formation
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP
  • Mar­ket Profile
    • Val­ue cre­at­ed on top of the over­all range with price return­ing to the over­all range
  • Dai­ly Range
    • ADR: 22735
    • ASR: 12026
      • 300
    • Day
      • Yes­ter­day’s High 1798.900
      • Yes­ter­day’s Low 1770.800

Sen­ti­ment

  • Loca­tions
    • H4-C‑S 1783.670 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.5xASR
    • Pre­mar­ket
      • H4 Bear Engulf formed premarket. 
    • Nar­ra­tive
      • Mod­er­ate to Large Imbalance. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Con­tin­u­a­tion / Return to Value
    • Nar­ra­tive: Open below sen­ti­ment, H4 Bear Engulf premarket
    • Pre­ferred: Strong bear­ish PA with IB exten­sion down and sus­tained auc­tion, prob­a­bly low ini­tia­tive activ­i­ty day due to under­ly­ing demand
    • Con: Trad­ing right into H4/D1 demand.
  • Hypo 2 — Swing Rever­sal / Mean Reversion
    • Nar­ra­tive: Price trad­ing towards the bot­tom of the over­all range into H4/D1 demand
    • Pre­ferred: Move down ful­fill­ing mean rever­sion cri­te­ria with near­by H4/D1 demand form­ing a strong rever­sal to failed auc­tion and pos­si­bly a Neu­tral Day.
    • Con: H4 bear engulf premarket

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1783.670

ZOIs for Pos­si­ble Long

  • D1-C‑D 1771.750

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay but did not sleep enough last night

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.

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