Premarket Prep Gold 20210615 - Bear Market Trader
day trade, day trading, forex, FX, trade plan, trading plan, XAU USD, XAUUSD, GOLD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,

Premarket Prep Gold 20210615

Premarket Prep Gold 20210615

#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

Click to Enlarge

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing below W1 Three Out­side Down

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed as a Ham­mer react­ing off D1 200MA clos­ing above D1 UKC in UT
    • H4 Bull Engulf react­ed off H4-C‑D 1853.459 OLD and H4 200MA in UT, but with no con­tin­u­a­tion. Instead some consolidation. 
  • Trend: H4 UP, D1 UP, W1 UP
    • Pre­vail­ing trend: Trend is up 3/3
  • Mar­ket Profile
    • Val­ue cre­at­ed far extend­ed below the pre­vi­ous, below the over­all range
  • Dai­ly Range
    • ADR: 24438
    • ASR: 16123
      • 403
    • Day
      • Yes­ter­day’s High 1875.560
      • Yes­ter­day’s Low 1844.670


  • Loca­tions
    • W1-C‑S 1999.863 at H4 QHi
    • H4-C‑D 1853.731 OLD at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.46xASR
    • Pre­mar­ket
      • H4 closed as a Bull­ish Inside Bar but still trad­ing between new­ly formed H4 sup­ply and demand. 
    • Nar­ra­tive
      • Gap up although just 0.46xASR. Trad­ing mid D1 swing com­ing from a D1 QHi rejec­tion, although trend is still up 3/3. Pos­si­ble H4 Phase 1 / 3,  Could go either way. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Val­ue / Failed Auction
    • Nar­ra­tive: Trend is up 3/3, open sentiment
    • Pre­ferred: IB exten­sion down to val­ue edge (LTF demand at VAH), PA rever­sal fail­ing auction. 
    • Con: Pos­si­ble D1 Bear­ish narrative
  • Hypo 2 — Trend Con­tin­u­a­tion / Sus­tained Auction
    • Nar­ra­tive: H4 Bull­ish Inside Bar, open above sen­ti­ment, Trend is UP 3/3,
    • Pre­ferred: IB takes out new­ly formed H4 sup­ply, IB exten­sion up, sus­tained auc­tion to 1877, pos­si­ble late-sus­tained auc­tion entry due to a H4 Sup­ply pop
    • Con: Pos­si­ble D1 Bear­ish Narrative
  • Hypo 3 — Val­ue Acceptance
    • Nar­ra­tive: Pos­si­ble D1 Bear­ish Sen­ti­ment (Ham­mer not the strongest rever­sal pattern)
    • Pre­ferred: IB trad­ing low­er, ear­ly close with­in val­ue tak­ing out LTF demand, quick rotation
    • Con: Open sen­ti­ment a bit far, Old H4 demand at VAL.
  • Hypo 4 — Failed Auction
    • Vari­a­tion to Hypo 2, if price fails to find busi­ness above IB, 
    • Pre­ferred: quick close back into IB with PA reversal
    • Con: tight IBR
  • Hypo 5 — Auc­tion Fade
    • If price moves high­er there might be TPO struc­ture build and rever­sal back to IB.

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.863

ZOIs for Pos­si­ble Long

  • H4-C‑D 1853.459 OLD
  • 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.

0 0 votes
Article Rating
Notify of

Inline Feedbacks
View all comments
Would love your thoughts, please comment.x