Premarket Prep Gold 20210607 - Bear Market Trader
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Premarket Prep Gold 20210607

Premarket Prep Gold 20210607

#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
Click to Enlarge

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing below last week’s body with­in range

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull­ish Inside Bar clos­ing at D1 QHi (after rejec­tion) with price cur­rent­ly trad­ing with­in its body
    • H4-C‑D 1871.527 formed (at D1 VWAP in UT) through Bull Engulf and con­tin­u­a­tion high­er to H4 QHi. Price fal­tered and reversed giv­ing H4‑C– 
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP although H4 changed to down
  • Mar­ket Profile
    • Val­ues in DT
  • Dai­ly Range
    • ADR: 24224
    • ASR: 12833
      • 320
    • Day
      • Yes­ter­day’s High 1896.100
      • Yes­ter­day’s Low 1855.800


  • Loca­tions
    • H4-C‑D 1871.527 at VAH
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1xASR
    • Pre­mar­ket
      • H4 trad­ed down.
    • Nar­ra­tive
      • Large Imbal­ance at the open com­ing from H4 QHi after D1 QHi was rejected. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment, com­ing from H4 QHi after a D1 QHi rejection
    • Pre­ferred: Strong Bear­ish PA, IB exten­sion down to val­ue edge.
    • Con: H4 demand at VAH
  • Hypo 2 — Return to Value
    • Nar­ra­tive: Vari­a­tion to Hypo 1, H4-C‑D 1871.527 at VAH
    • Pre­ferred: IB exten­sion down, TPO struc­ture, pos­si­ble SPF, 
    • Con: Slight­ly against larg­er time­frame sentiment
  • Hypo 3 — Trend Continuation
    • Nar­ra­tive: D1 Bull­ish Inside Bar
    • Pre­ferred: Strong Bull­ish PA, IB exten­sion up,
    • Con: D1 QHi Rejection

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1897.428
  • W1-C‑S 1889.818

ZOIs for Pos­si­ble Long

  • H4-C‑D 1871.527

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


Day trader. Tech geek. Sim Racing Enthusiast.

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