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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 20210517

Premarket Prep Gold 20210517

#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 above last week’s body and range trad­ing with­in W1 supply

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price con­tin­u­ing on D1 Three Out­side Up
    • Price trad­ing with­in D1/W1 QHi
    • Price trad­ing high­er with­in old H4 sup­ply near­ing the Sup­ply End although more old sup­ply above it. 
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up
  • Mar­ket Profile
    • Val­ue cre­at­ed above the previous 
  • Dai­ly Range
    • ADR: 23909
    • ASR: 15123
      • 380
    • Day
      • Yes­ter­day’s High 1845.650
      • Yes­ter­day’s Low 1819.680

Sen­ti­ment

  • Loca­tions
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.2xASR
    • Pre­mar­ket
      • Price trad­ed to H4 Sup­ply End and took out H4/D1 supply. 
    • Nar­ra­tive
      • The large imbal­ance at the open sug­gests a pos­si­ble mean rever­sion although in this case it could be strength behind the move. Price already took out D1 Supply. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment and trad­ing with­in supply
    • Pre­ferred: Strong bear­ish PA, IB exten­sion down tak­ing out LTF demand, sus­tained auction. 
    • Con: Bull­ish sen­ti­ment, trend is up, 
  • Hypo 2 — Trend Con­tin­u­a­tion / Return to Value
    • Nar­ra­tive: Trend is up, D1 Sup­ply got tak­en out
    • Pre­ferred: Strong Bull­ish PA either with a momen­tum exten­sion up or by pulling back to LTF demand (pos­si­bly extend­ing below to failed auc­tion) before mov­ing higher.
    • Con: Open sentiment

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1856.064
  • W1-C‑S 1847.500

ZOIs for Pos­si­ble Long

  • D1-C‑D 1825.850

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing tired so not going to force things

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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