Premarket Prep Gold 20210412

#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 Week 15 Trad­ing Plan

See more

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

Week­ly Focus Points

• Min. 3 times hit­ting the gym + manda­to­ry cardio
• Only trade the main account
• Be mind­ful of DTTZs
• Only price-action based exit rules (or if hit time stop comes earlier)
• M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing at top of last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Price hit D1-C‑D 1743 BASE lev­el then test­ed D1 VWAP after BO to CAS after form­ing an Inside Bar at D1 50MA in DT with­in D1 supply
  • H4 con­sol­i­da­tion with­in H4 QHi edge
• Trend: H4 up, D1 up, W1 up
  • Pre­vail­ing trend: Trend is up
• Mar­ket Profile
  • 2‑day over­lap­ping values
• Dai­ly Range
  • ADR: 21639
  • ASR: 12530
    • 315
  • Day
    • Yes­ter­day’s High 1757.270
    • Yes­ter­day’s Low 1731.190

Sen­ti­ment

• Loca­tions
  • D1-C‑S 1743 Base lev­el (coin­cid­ing with new­ly formed H4 sup­ply) at VAL
• Sen­ti­ment
  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.3xASR
  • Pre­mar­ket
    • H4 closed as a ham­mer (although body closed above 50% mark of pre­vi­ous can­dle) clos­ing at H4 QHi edge not reject­ing it below. 
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. Pos­si­ble H4 DBD in line with D1 Bear­ish Inside Bar return­ing to D1 base lev­el. Although that Inside Bar had a long buy­ing wick and thus buy­ers are still present (D1 VWAP in DT BO to pos­si­ble CAS).
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Return to Value
  • Nar­ra­tive: Pos­si­ble H4 DBD in line with D1 Bear­ish Inside Bar return­ing to D1 base level
  • Pre­ferred: Strong Bear­ish Price Action with IB exten­sion down and sus­tained auction 
  • Con: W1/H4 demand below at H4 200MA in DT
• Hypo 2 — M30 Swing Reversal
  • Nar­ra­tive: vari­a­tion to Hypo 1
  • Pre­ferred: IB exten­sion down hit­ting H4/W1 demand. Strong Bull­ish price action rever­sal and failed auction.
  • Con: N.A.
• Hypo 3 — Val­ue Acceptance
  • Nar­ra­tive: Some­what near val­ue edge
  • Pre­ferred: Ear­ly accep­tance and quick follow-through
  • Con: LTF sup­plies and H4 sup­ply above VAH

Addi­tion­al notes

• Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1751

ZOIs for Pos­si­ble Long

• D1-C‑D 1743 BASE
• H4-C‑D 1732.717 / W1-C‑D 1730.366

Mind­ful Trading

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

• Twit­ter
• Insta­gram