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Bear Market Trader | Premarket Prep Gold XAUUSD - London session
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Premarket Prep Gold XAUUSD 07082020

Premarket Prep Gold XAUUSD 07082020

#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

  • Con­tin­u­a­tion of D1-C‑D 1775.661 RBR after test­ing its conterminous
  • H4-C‑D 1782.537 Bull E. formed with big Bull Engulf into con­sol­i­da­tion with H4-C‑S 1794.657
  • Mar­ket Profile
    • Broke over­all mar­ket brack­et­ing range to the upside
    • Mul­ti-day brack­et­ing break out
    • Cur­rent­ly con­sol­i­dat­ing far above VAH + range. Needs fur­ther assess­ment at open.

Com­pared against Week­ly Trad­ing Plan

  • D1 still above UKC and VWAP
  • Deep­er into Week­ly Sup­ply near­ing tak­ing it out

Sen­ti­ment — Bullish

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1794.657

ZOIs for Pos­si­ble Long

  • H4-C‑D 1782.537 Bull E.
  • 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
T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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