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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 20210513

Premarket Prep Gold 20210513

#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 is react­ing off W1-C‑S 1847.500

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear Engulf react­ing off D1-C‑S 1836.25 clos­ing below W1 QHi (although still trad­ing with­in D1 QHi)
    • Price returned to H4-C‑D 1814.150 and start­ed con­sol­i­dat­ing (above H4 50MA in UT although no touch)
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up although hav­ing reached W1/D1 QHi there might be a rever­sal at hand. H4 phase 3 and break down fur­ther enhances this sentiment. 
  • Mar­ket Profile
    • After 2‑day over­lap­ping val­ues yesterday’s val­ue was cre­at­ed below fur­ther enhanc­ing the rever­sal sentiment
  • Dai­ly Range
    • ADR: 25423
    • ASR: 15375
      • 385
    • Day
      • Yes­ter­day’s High 1843.540
      • Yes­ter­day’s Low 1813.180

Sen­ti­ment

  • Loca­tions
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.6xASR
    • Pre­mar­ket
      • H4 Closed slight­ly high­er as a Ham­mer pos­si­bly a pullback. 
    • Nar­ra­tive
      • Large Imbal­ance. With the open sen­ti­ment price could go either way. If price takes out H4 demand under­neath there could be more down­side in line with H4 Phase tran­si­tion to 4.Franky Fake Out took it up and IB back down.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: Open sen­ti­ment, H4 Phase 3 to 4, D1 Bear Engulf
    • Pre­ferred: Strong Bear­ish PA, IB exten­sion down
    • Con: Small H4 demand in the way.
  • Hypo 2 — Mean Reversion
    • Nar­ra­tive: H4 demand at H4 50MA in UT
    • Pre­ferred: Price tra­vers­es low­er ful­fill­ing mean rever­sion cri­te­ria, strong bull­ish PA to failed auc­tion or IB exten­sion up. 
    • Con: H4 phase 3 to 4 narrative
  • Hypo 3 — Return to Value
    • Nar­ra­tive: Vari­a­tion to Hypo 2
    • Pre­ferred: Price action moves high­er to val­ue edge before revers­ing with strong bear­ish PA, TPO struc­ture or Sin­gle Print Fade.
    • Con: LTF sup­ply in the way

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect
  • Might lose elec­tric­i­ty today due to main­te­nance to pow­er supply

ZOIs for Pos­si­ble Shorts

  • W1‑C‑S 1847.500
  • H4-C‑S 1841.250
  • D1‑C‑S 1836.250

ZOIs for Pos­si­ble Long

  • 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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