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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 20210525

Premarket Prep Gold 20210525

#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 at the top of last week’s body below W1 QHi and W1-C‑S 1889.818

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Doji  reat­ed below W1/D1 QHi
    • Pos­si­ble H4 Phase 1 / 3 with price still trad­ing above H4 VWAP in UT (although mul­ti­ple tests)
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up. Price reached W1 Sup­ply but has not made a sig­nif­i­cant rejec­tion (yet) and inched higher.
  • Mar­ket Profile
    • 2‑day over­lap­ping val­ues with­in over­all range
  • Dai­ly Range
    • ADR: 21882
    • ASR: 14981
      • 375
    • Day
      • Yes­ter­day’s High 1886.940
      • Yes­ter­day’s Low 1875.160

Sen­ti­ment

  • Loca­tions
    • W1-C‑S 1889.818 at ADR 0.5 High
    • H4-C‑D 1877.917 and new­ly formed H4 C‑dem at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.2xASR
    • Pre­mar­ket
      • H4 Bull Engulf was formed (at H4 VWAP in UT) clos­ing from below val­ue to above val­ue. Trend is up and there is a pos­si­ble reac­cu­mu­la­tion. Although still trad­ing below W1 supply.
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Open above val­ue and H4 Bull Engulf at H4 VWAP in UT sug­gests a pos­si­ble nar­ra­tive where D1 sup­ply gets tak­en out. Although price would be trad­ing right into a very wide W1 Supply. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Con­tin­u­a­tion / Return to Value
    • Nar­ra­tive: Open sen­ti­ment. H4 Bull Engulf, Trend is up, test­ed W1/D1 QHi mul­ti­ple times
    • Pre­ferred: Strong Bull­ish PA, IB exten­sion up with sus­tained auc­tion tak­ing out D1 sup­ply (beware of a pos­si­ble LTF rever­sal due to pop­ping of said D1 Supply)
    • Con: W1 Supply
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Price has slowed down below W1 Sup­ply, 2‑day over­lap­ping val­ues, pos­si­ble start of a brack­et­ing range, trad­ing below D1/W1 QHi
    • Pre­ferred: Ear­ly accep­tance of val­ue with quick follow-through
    • Con: H4 demand at VAL

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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