Premarket Prep Gold XAUUSD 07072020 - Bear Market Trader
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Premarket Prep Gold XAUUSD 07072020

Premarket Prep Gold XAUUSD 07072020

#pre­mar­ket­prep #trad­ing­forex #forex #XAUUSD #GOLD #day­trad­ing #trad­inglifestyle #day­trader­life

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for Gold XAUUSD. 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.

Non-con­jec­ture obser­va­tions of the market

  • D1-C‑D 1775.661 RBR formed how­ev­er still trad­ing with­in Demand
  • Trad­ed above H4-C‑S 1782.723 but then formed a H4 Bear Engulf (out­side RTH with H4-C‑S 1785.326) test­ing the con­ter­mi­nous. How­ev­er no rejec­tion (yet) and might be consolidating
  • Mar­ket Profile
    • Mar­ket has been bal­anc­ing for a lit­tle while now
    • Would have to reassess at open if the mar­ket opened far enough away from pre­vi­ous val­ue. For now, we are extend­ed away how­ev­er still with­in over­all brack­et­ing range. 
    • Price cur­rent­ly above val­ue + pre­vi­ous day range

Com­pared against Week­ly Trad­ing Plan

  • D1 still above UKC and VWAP
  • With­in last week’s range

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1785.326
  • H4-C‑S 1782.723

ZOIs for Pos­si­ble Long

  • H4-C‑D 1776.521 RBR
  • D1-C‑D 1775.661 RBR
  • H4-C‑D 1772.157

Focus Points for trad­ing development

  • Week­ly Goal
    • Cor­rect posi­tion sizing
    • Trades pri­or­i­ty: 1) let mar­ket pro­file guide 2) M30 con­fir­ma­tion (watch out for ‘Bil­ly No Mates’)
  • Risk Man­age­ment
    • Only take 2 trades a day but only have 1 active trade on between the assets
    • Only trade off M30 candles
    • Trad­ing Priority
      • FX pair out­side value
      • FX pair inside > Gold
      • 2+R prof­it dur­ing LN con­sid­er trad­ing PNYC
    • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits

Day trader. Tech geek. Sim Racing Enthusiast.

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