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,
5967
post-template-default,single,single-post,postid-5967,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 20210510

Premarket Prep Gold 20210510

#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
      • Doing one now

Com­pared against Week­ly Trad­ing Plan

  • Price closed slight­ly with­in W1 QHi to W1 50MA in UT BD to pos­si­ble CAR and arrival at W1-C‑S 1847.500 with lit­tle reaction

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price closed high­er with­in D1 QHi with slight reac­tion off D1-C‑S 1836.250 near­ing D1 200MA in R
    • H4 Phase 2 tak­ing out sup­plies with new arrival at H4-C‑S 1841.250
  • Trend: H4 up, D1 up, W1 up
    • Pre­vail­ing trend: Trend is UP although cur­rent­ly trad­ing with­in D1/W1 QHi. 
  • Mar­ket Profile
    • Val­ue in UT
  • Dai­ly Range
    • ADR: 24967
    • ASR: 12817
    • Day
      • Yes­ter­day’s High 1843.270
      • Yes­ter­day’s Low 1812.760

Sen­ti­ment

  • Loca­tions
    • H4-C‑D 1820.55 at VAH
    • H4-C‑D 1814.150 below VAL, out­side range
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.2xASR
    • Pre­mar­ket
      • H4 closed high­er but still below D1/H4 supply
    • Nar­ra­tive
      • Large Imbal­ance at the open. Trend is up although has reached D1/W1/H4 sup­plies and thus a rever­sal might be more probable.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment with near­by supplies
    • Pre­ferred: Strong Bear­ish PA with IB exten­sion down (pos­si­ble failed auc­tion), sus­tained auc­tion to val­ue edge first tak­ing out lit­tle H4 demand.
    • Con: H4 demand in the way 
  • Hypo 2 — Respon­sive activity
    • Nar­ra­tive: hit­ting a medium/high time­frame sup­ply zone there could be some respon­sive activ­i­ty before pick­ing a direction. 
  • Hypo 3 — Return to Value
    • Nar­ra­tive: Vari­a­tion to Hypo 1
    • Pre­ferred: price extends below IB and formed a rever­sal pat­tern near or above val­ue edge, TPO struc­ture or Sin­gle Print Fade to IB edge.
    • Con: N.A.

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • W1‑C‑S 1847.50
  • H4-C‑S 1841.250
  • D1‑C‑S 1836.250

ZOIs for Pos­si­ble Long

  • H4-C‑D 1820.550
  • H4-C‑D 1814.150
  • D1‑C‑D 1771.750

Mind­ful Trad­ing (lack of sleep?)

  • Did not sleep well last night due to late din­ner so prob­a­bly will not trade. Just sit and observe. 

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