Premarket Prep Gold 20210614 - Bear Market Trader
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Premarket Prep Gold 20210614

Premarket Prep Gold 20210614

#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

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing below W1 Three Out­side Down

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear Engulf at W1 C‑sup clos­ing below D1 VWAP in UT with con­tin­u­a­tion and price near­ing D1 Demand End 1855.959 and D1 UKC in UT
    • H4 Phase 4 near­ing D1 demand end coin­cid­ing with H4 200MA in UT
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 2/3 
  • Mar­ket Profile
    • Price trad­ing below over­all range
  • Dai­ly Range
    • ADR: 22774
    • ASR: 14840
      • 371
    • Day
      • Yes­ter­day’s High 1902.930
      • Yes­ter­day’s Low 1874.420


  • Loca­tions
    • W1-C‑S 1888.863 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.82xASR
    • Pre­mar­ket
      • H4 con­tin­u­a­tion down
    • Nar­ra­tive
      • Huge imbal­ance at the open fol­low­ing a D1 Bear Engulf and H4 Phase 4 near­ing the end of D1 Demand although trad­ing with­in H4 QLo with Trend still being up 2/3.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment, H4 QLo, trend is UP 2/3
    • Pre­ferred: IB exten­sion up (momen­tum) sus­tained auc­tion to VAL
    • Pre­ferred 2: Pos­si­ble Failed Auc­tion in case of an exten­sion down pop­ping D1 demand
    • Con: D1/H4 Bear­ish nar­ra­tive, huge imbal­anc­ing pos­si­bil­i­ty for continuation
  • Hypo 2 — Return to Value
    • Nar­ra­tive: W1 C‑sup at VAL, D1/H4 bear­ish narrative
    • Pre­ferred: Fad­ing the auc­tion after an exten­sion up
    • Pre­ferred 2: Pos­si­ble failed auction
    • Con: Trend is up 2/3
  • Hypo 3 — Trend Continuation
    • Nar­ra­tive: Huge Imbal­ance (pos­si­ble strength behind the move), H4/D1 Bear­ish Narrative
    • Pre­ferred: IB exten­sion Down, Sus­tained Auc­tion tak­ing out ADR exhaus­tion (indi­cat­ing pos­si­ble con­tin­u­a­tion), although due to the open sen­ti­ment I’d pre­fer to wait for a sus­tained auc­tion and pos­si­ble late-sus­tained auc­tion entry. 
    • Con: huge open sen­ti­ment, D1 Demand End can prove reac­tive cre­at­ing LTF rever­sals clos­ing with­in IB,

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.863

ZOIs for Pos­si­ble Long

  • D1-C‑D 1825.990

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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