Premarket Prep Gold XAUUSD 07152020 - Bear Market Trader
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Premarket Prep Gold XAUUSD 07152020

Premarket Prep Gold XAUUSD 07152020

#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

  • H4 DBD fol­lowed by rever­sal through big bull engulf giv­ing H4-C‑D 1801.095
  • Mar­ket Profile
    • Mul­ti-day brack­et­ing with yesterday’s pro­file below range
    • Price cur­rent­ly trad­ing above value

Com­pared against Week­ly Trad­ing Plan

  • D1 Con­sol­i­da­tion in progress
  • Trad­ing above last week’s candle’s body

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1855.184
  • H4-C‑S 1808.468
  • D1-C‑S 1803.298

ZOIs for Pos­si­ble Long

  • H4-C‑D 1801.095
  • H4-C‑D 1794.574
  • D1-C‑D 1764.081
  • W1-C‑D 1729.488
  • D1-C‑D 1727.231

Mind­ful Trading

  • Had a good night’s sleep. Feel­ing good. 

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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