Premarket Prep Gold 20210603 - Bear Market Trader
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Premarket Prep Gold 20210603

Premarket Prep Gold 20210603

#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 work­ing out at home + manda­to­ry cardio
  • Trad­ing rules
    • Focus on tak­ing ONE trade a day. If I missed the first DTTZ then a trade needs to be tak­en on the 2nd DTTZ unless there is a high/medium ini­tia­tive activ­i­ty day.
    • Only price-action based exit rules (or if hit time stop comes earlier)
    • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
    • Buffer trades (prof­it tar­get >1R) are allowed and encouraged
    • 13 trades by the end of the month
  • No social media / mes­sen­ger apps / phone calls allowed dur­ing the trad­ing window

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing at the top of last week’s body after hav­ing made a HH with­in W1 QHi

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf (not the strongest, pos­si­ble con­sol­i­da­tion) made above D1-C‑D 1896.335 High in Dis­tr. Curve
    • H4 Bear Engulf formed below pre­vi­ous sup­ply giv­ing H4-C‑S 1907.816
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is Up
  • Mar­ket Profile
    • Val­ue cre­at­ed below the two over­lap­ping val­ues pre­ced­ing it but still with­in over­all range
  • Dai­ly Range
    • ADR: 19354
    • ASR: 11325
      • 283
    • Day
      • Yes­ter­day’s High 1908.940
      • Yes­ter­day’s Low 1894.280


  • Loca­tions
    • H4-C‑S 1907.816 with­in M30 QHi above range
    • D1-C‑D 1896.335 High in Dis­tr. Curve with­in val­ue at VAL
  • Sen­ti­ment
    • LN open
      • Open with­in value
    • Open dis­tance to value
      • N.A.
    • Pre­mar­ket
      • Big fol­low-through to the H4 Bear Engulf price return­ing to D1-C‑D 1896.335 High in dis­tr. Curve. 
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket. With the open inside there is a shift in sen­ti­ment in line with a pos­si­ble rever­sal at these lev­els. Hav­ing test­ed the D1 demand that is high in the dis­tri­b­u­tion curve is also in line with this nar­ra­tive. Price is trad­ing with­in W1 QHi and sup­ply could back this nar­ra­tive up although could be that price is not quite ready to make a full rever­sal as there is no con­firmed rever­sal pat­tern on either D1/W1. D1 could be con­sol­i­da­tion or be in phase 2.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Nar­ra­tive: Open sen­ti­ment, pos­si­ble D1 consolidation
    • Pre­ferred: play off near­by LTF SD and ADR levels.
  • Hypo 2 — Val­ue Rejec­tion Down
    • Nar­ra­tive: Pos­si­ble change in sen­ti­ment, W1 Sup­ply / QHi, pos­si­ble D1 Con­sol­i­da­tion Break Down
    • Pre­ferred: Strong close below VAL coin­cid­ing with an exten­sion of IB to the down­side. Sus­tained auction.
    • Con: Trad­ing into new­ly formed H4 demand at D1 demand that is high in dis­tri­b­u­tion curve could prove risky 
  • Hypo 3 — Val­ue Rejec­tion Up
    • Nar­ra­tive: D1 Con­sol­i­da­tion continued
    • Pre­ferred: Strong close above VAH coin­cid­ing with IB exten­sion up, sus­tained auction
    • Con: W1 Sup­ply, QHi

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1911.084
  • H4-C‑S 1907.816
  • W1-C‑S 1890.750

ZOIs for Pos­si­ble Long

  • D1-C‑D 1896.335 High in Dis­tr. Curve
  • H4-C‑D 1892.728 OLD

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 13 trades by the end of the month
  • Week­ly Goal
    • Min. 3 times work­ing out at home + manda­to­ry cardio
  • 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


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