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,
5978
post-template-default,single,single-post,postid-5978,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 20210511

Premarket Prep Gold 20210511

#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

  • Made a slight HH above last week’s range, still trad­ing with­in W1 QHi

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Yes­ter­day closed as a D1 Ham­mer clos­ing below D1-C‑S 1836.25 trad­ing with­in D1 QHi (below D1 200MA in R)
    • Price trad­ed high­er to H4-C‑S 1841.250 cre­at­ing an Evening Star return­ing to H4-C‑D 1831.05 before react­ing and form­ing a Bull Engulf
    • Poten­tial H4 Phase 3 (or reaccumulation) 
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP although hav­ing hit W1/D1 QHi there could be a poten­tial reversal. 
  • Mar­ket Profile
    • Val­ues in UT
  • Dai­ly Range
    • ADR: 23948
    • ASR: 12586
      • 315
    • Day
      • Yes­ter­day’s High 1845.350
      • Yes­ter­day’s Low 1829.940

Sen­ti­ment

  • Loca­tions
    • D1-C‑S 1836.250 with­in val­ue at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1xASR
    • Pre­mar­ket
      • H4 Bear Engulf
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance with near-prox­im­i­ty to val­ue there could be an accep­tance. OR due to D1 c‑sup just above VAL a test of val­ue before mov­ing down. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Val­ue (Fake Val­ue Acceptance)
    • Nar­ra­tive: D1 C‑sup above VAL with­in val­ue, price trad­ing with­in W1/D1 QHi
    • Pre­ferred: Strong bear­ish PA test­ing val­ue then clos­ing below, IB exten­sion down, sus­tained auction 
    • Con: H4 demand below
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: open sen­ti­ment in an UT
    • Pre­ferred: ear­ly close with­in val­ue with quick follow-through
    • Con: D1 C‑sup at VAL

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 1831.05
  • H4-C‑D 1820.550
  • H4-C‑D 1814.150

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