Premarket Prep Gold 20210616 - Bear Market Trader
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Premarket Prep Gold 20210616

Premarket Prep Gold 20210616

#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 the range of the W1 Three Out­side Down

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed low­er with­in the pre­ced­ing D1 Hammer’s range with­out mak­ing a LL trad­ing deep­er with­in D1 Demand
    • Pos­si­ble D1 Phase 4
    • H4 broke low­er from sup­ply H4-C‑S 1864.580 arrival at OLD H4 demand and price start­ed con­sol­i­dat­ing again. H4 Bull Engulf formed premarket. 
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 2/3
  • Mar­ket Profile
    • Val­ue cre­at­ed above the previous
  • Dai­ly Range
    • ADR: 24170
    • ASR: 15725
      • 393
    • Day
      • Yes­ter­day’s High 1869.070
      • Yes­ter­day’s Low 1851.560


  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.16xASR
  • Nar­ra­tive
    • Mod­er­ate to Large Imbalance. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Return to Val­ue, probe of val­ue, Failed Auction
  • Hypo 2
    • Return to val­ue, VAL rever­sal, pos­si­ble 2nd chance entry if no exten­sion (although open sen­ti­ment might not favor it), mon­i­tor for sus­tained auc­tion down
  • Hypo 3
    • Trend Con­tin­u­a­tion, sus­tained auc­tion down, pos­si­ble late sus­tained auc­tion entry, pos­si­ble tar­get D1 QLo
  • Hypo 4
    • Auc­tion Fade long, near D1 Demand End 1845, tar­get IB low

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.863
  • H4-C‑S 1864.580

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.

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