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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 20210512

Premarket Prep Gold 20210512

#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

  • Price made a slight HH and is still trad­ing with­in W1 QHi

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 price fal­ter­ing a bit but still there is a buy­ing wick and a slight close with­in D1-C‑S 1836.250
    • Price is trad­ing with­in D1/H4 QHi
    • Price took out H4 demand and test­ed the next demand H4-C‑D 1820.55 in a pos­si­ble H4 Phase 3. H4 closed below H4 VWAP in UT
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is Up
  • Mar­ket Profile
    • 2 over­lap­ping val­ues after a UT
  • Dai­ly Range
    • ADR: 24023
    • ASR: 14004
      • 350
    • Day
      • Yes­ter­day’s High 1841.700
      • Yes­ter­day’s Low 1818.030

Sen­ti­ment

  • Loca­tions
    • D1-C‑S 1836.250 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1xASR
    • Pre­mar­ket
      • H4 closed as a Bull­ish Inside Bar with­in a pos­si­ble H4 Phase 3
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance at the open. With a near-prox­im­i­ty to val­ue edge there could be an accep­tance. Although due to the 2‑day over­lap­ping val­ues and an open below val­ue there could be a shift in sen­ti­ment with­in W1/D1 QHi and there could be a move down.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Open sen­ti­ment, 2‑day over­lap­ping val­ues with 3rd day open­ing below. W1/D1 QHi, near­by D1 C‑sup at VAL.
    • Pre­ferred: Strong Bear­ish PA with IB exten­sion down and sus­tained auction. 
    • Con: Trend is up although trad­ing with­in W1/D1 QHi
  • Hypo 2 — Vari­a­tion to Hypo1
    • Nar­ra­tive: H4 Swing Reversal
    • Pre­ferred: Strong Bull­ish PA revers­ing at H4 c‑dem, pos­si­ble Sin­gle Print Fade or TPO structure
    • Con: N.A.
  • Hypo 3 — Val­ue Acceptance
    • Nar­ra­tive: Pos­si­ble con­tin­u­a­tion to the uptrend
    • Pre­ferred: Ear­ly Accep­tance and quick follow-through
    • Con: Pos­si­ble H4 Phase 3 

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

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.

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