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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 20210524

Premarket Prep Gold 20210524

#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 trad­ing slight­ly above last week’s boyd with­in range (although very tight)
  • Still trad­ing below W1 QHi

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price trad­ing high­er on D1 with 3 tests of D1 QHi and W1-C‑S 1889.818
    • Pos­si­ble H4 Phase 1 / 3 with some demand cre­at­ed at H4 VWAP in UT giv­ing H4-C‑D 1877.917 (although high in dis­tri­b­u­tion curve)
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up but has reached D1/W1 QHi and W1 Supply
  • Mar­ket Profile
    • Price trad­ing at the top of over­all range 
  • Dai­ly Range
    • ADR: 22928
    • ASR: 14994
      • 375
    • Day
      • Yes­ter­day’s High 1889.280
      • Yes­ter­day’s Low 1870.020

Sen­ti­ment

  • Loca­tions
    • H4-C‑D 1877.917 with­in val­ue at PPOC
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1xASR
    • Pre­mar­ket
      • H4 Inside Bar after a move higher
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance although very close to val­ue edge. WIth H$ demand under­neath at PPOC there could be a bounce. Although price could close with­in val­ue before revers­ing with­out a rota­tion through val­ue due to said H4 demand. With trad­ing at W1 sup­ply, if there is an accep­tance of val­ue and con­se­quent rota­tion there could be a shift in sen­ti­ment and pos­si­bly ush­er in the end of the uptrend. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Open sen­ti­ment, H4 demand at PPOC
    • Pre­ferred: Strong Bull­ish PA at VAH pos­si­bly prob­ing with­in val­ue before bounc­ing off it. IB exten­sion up, sus­tained auc­tion pos­si­bly tak­ing out H4 supply
    • Con: Pos­si­ble H4 Phase 3, W1 Supply
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Pos­si­ble end of Uptrend, W1 Sup­ply, pos­si­ble H4 Phase 3, pos­si­ble W1 pull­back in rally
    • Pre­ferred: ear­ly accep­tance and quick fol­low-through, pos­si­bly con­tin­u­ing to the down­side (less likely,
    • Con: Trend is up

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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