20211013 Premarket Prep Gold - Bear Market Trader
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20211013 Premarket Prep Gold

13 Oct 20211013 Premarket Prep Gold

Posted at 10:06h in Gold, Gold Premarket Prep, Trading Plan by
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#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:

Gold 2021 Week 41 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing above last week’s body
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf but with Long Sell­ing wick
    • H4  trad­ed high­er dur­ing Asia trad­ing at H4 QHi after mul­ti­ple tests
  • Trend: H4 Down, D1 Down, W1 Up
    • Pre­vail­ing trend: Trend is DOWN
  • Mar­ket Profile
    • Val­ue cre­at­ed above the pre­vi­ous but still with­in the over­all range
  • Dai­ly Range
    • ADR: 21153
    • ASR: 13583
      • 340
    • ASR Short: 7517
      • 188 (min 25)
    • Day
      • Yes­ter­day’s High 1769.290
      • Yes­ter­day’s Low 1750.650

Sen­ti­ment

  • LN open
    • Above Val­ue, With­in Range
  • Open dis­tance to value
    • 0.01xASR
  • Nar­ra­tive
    • Bal­anc­ing to mod­er­ate imbal­ance. Trend is down 2/3 but yes­ter­day formed a D1 Bull Engulf although with longer sell­ing wick at the top of the over­all range trad­ing right into MN/D1 sup­ply. Larg­er time­frame is still bearish.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Sus­tained Auc­tion Up
  • Hypo 2
    •  Rever­sal Short, Auc­tion Fade
  • Hypo 3
    • Failed Auc­tion Short

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • MN/D1-C‑S 1768.539

ZOIs for Pos­si­ble Long

  • W1-C‑D 1753.926
  • MN-C‑D 1739.674

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 20 trades by the end of the month, prefer­ably 2 a day (not in the same prod­uct at the same time) 
  • Week­ly Goal
    • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
    • No ear­ly exits, either hit SL or 2R tar­get, lat­est cut-off 1:30 Lon­don time
  • Risk Man­age­ment
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim Racing Enthusiast.

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