Premarket Prep Gold XAUUSD 07092020 - Bear Market Trader
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Premarket Prep Gold XAUUSD 07092020

Premarket Prep Gold XAUUSD 07092020

Pre­mar­ket Prep Gold XAUUSD 07092020

#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 push­ing high­er tak­ing out Week­ly supply
  • Yes­ter­day H4-C‑D 1794.711 NEW formed with a momen­tum push up
  • New­ly formed sup­ply H4-C‑S 1808.559 NEW but price hasn’t reject­ed it and is trad­ing within
  • Mar­ket Profile
    • Yesterday’s pro­file was fur­ther away from Tuesday’s pro­file. Price cur­rent­ly fair­ly close above val­ue +range

Com­pared against Week­ly Trad­ing Plan

  • D1 still above UKC and VWAP
  • Week­ly Sup­ply tak­en out

Sen­ti­ment — Bullish

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1808.559 NEW

ZOIs for Pos­si­ble Long

  • H4-C‑D 1794.711 NEW
  • H4-C‑D 1782.537 Bull E.
  • D1-C‑D 1775.661 RBR
  • H4-C‑D 1772.157

Mind­ful Trading

  • Still not feel­ing well. Feel­ing imbal­anced and not myself. Hope this goes by quick while my body adapts to my new diet. Quit smok­ing I am doing okay with. Nonethe­less, I will still trade. Mak­ing trades at this ear­ly stage of my devel­op­ment in the men­tor­ship pro­gram allows me to learn more. Also, it will help me embed the rules in my mind regard­less of what state I am in. This is not advis­able with a lot of mon­ey on the line.

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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