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,
6026
post-template-default,single,single-post,postid-6026,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 20210514

Premarket Prep Gold 20210514

#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 trad­ing with­in last week’s body after mak­ing a slight HH

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear Engulf at D1-C‑S 1836.25 fol­lowed by a Bull­ish Inside Bar
    • H4 demand cre­at­ed through Bull Engulf (at H4 50MA in UT) giv­ing H4-C‑D 1821.50 with no imme­di­ate fol­low-through. Instead a H4 VWAP in UT BD to CAR through Bear Engulf giv­ing H4-C‑S 1825.25
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is Up. Although H4 has shift­ed to Down indi­cat­ing a pos­si­ble shift in sentiment. 
  • Mar­ket Profile
    • Val­ues in DT although price is cur­rent­ly trad­ing above value
  • Dai­ly Range
    • ADR: 23626
    • ASR: 15027
      • 380
    • Day
      • Yes­ter­day’s High 1828.680
      • Yes­ter­day’s Low 1808.720

Sen­ti­ment

  • Loca­tions
    • H4-C‑D 1821.50 above val­ue, with­in range. H4-C‑S 1828.250 right above
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.1xASR
    • Pre­mar­ket
      • H4 Bull Engulf tak­ing out some H4 sup­ply clos­ing above H4 VWAP
    • Nar­ra­tive
      • Large Imbal­ance at the open. With new­ly formed H4 bull engulf and thus c‑dem there could be a mean rever­sion to new C‑dem before a con­tin­u­a­tion high­er. The large imbal­ance could how­ev­er be a sign of strength behind the move which is a bit too large imo.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment, pos­si­ble H4 2nd chance entry, near­by D1-C‑S 1836.250
    • Pre­ferred: strong bear­ish PA, IB exten­sion down to Val­ue edge, oth­er­wise exten­sion up to failed auction
    • Con: H4 Bull Engulf
  • Hypo 2 — Trend Con­tin­u­a­tion / Return to Value
    • Nar­ra­tive: Open sen­ti­ment could indi­cate strength, H4 Bull Engulf premarket, 
    • Pre­ferred: Strong Bull­ish PA, IB exten­sion up with sus­tained auction
    • Con: Sup­ply overhead

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • D1‑C‑S 1836.250
  • H4-C‑S 1825.25

ZOIs for Pos­si­ble Long

  • H4-C‑D 1825.65
  • H4-C‑D 1821.50

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay, not the sharpest

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