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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 20210520

Premarket Prep Gold 20210520

#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
    • 1 trade per day min­i­mum (unless I missed the 1st DTTZ and the 2nd DTTZ is a con­tin­u­a­tion to the first)
      • 1R tar­gets allowed if con­di­tions are less than opti­mal (buffer trades allow for 0.5–0.8R profit-taking)
    • 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 reached W1 QHi and W1-C‑S 1889.818 and there is a slight reaction

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Doji with­in a con­sol­i­da­tion per­haps a speed­bump trad­ing below D1 QHi
    • Pos­si­ble H4 Phase 1 / 3
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is still Up
  • Mar­ket Profile
    • Val­ue was cre­at­ed below the pre­vi­ous but price is cur­rent­ly trad­ing above
  • Dai­ly Range
    • ADR: 24402
    • ASR: 15678
      • 400
    • Day
      • Yes­ter­day’s High 1889.950
      • Yes­ter­day’s Low 1852.170

Sen­ti­ment

  • Loca­tions
    • W1-C‑S 1889.818 at yesterday’s high
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.4xASR
    • Pre­mar­ket
      • H4 Closed as an Inside Bar with a some sell­ing wick
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Price opened above val­ue with­in range with wide LTF demand at VAH as well as H4 VWAP in UT there could be grounds for a bounce high­er from here as the trend is still up. Hav­ing had some reac­tion off D1 QHi there could be grounds for accep­tance of val­ue and con­tin­u­a­tion down.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Pos­si­ble D1 speed bump, trend is up, larg­er time­frame bull­ish sen­ti­ment, wide LTF demand at M30 QLo
    • Pre­ferred: Strong Bull­ish PA at VAH to IB exten­sion up with sus­tained auction
    • Con: W1/D1 QHi
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Pos­si­ble rever­sal after react­ing off D1/W1 QHi. Pos­si­ble H4 phase 3
    • Pre­ferred: ear­ly accep­tance and quick follow-through
    • Con: wide LTF demand at VAH

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1889.818

ZOIs for Pos­si­ble Long

  • H4-C‑D 1853.372
  • D1-C‑D 1825.850

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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