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20210719 Premarket Prep GBPNZD - Bear Market Trader
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20210719 Premarket Prep GBPNZD

20210719 Premarket Prep GBPNZD

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #GBPNZD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for the Forex pair GBPNZD. 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

Com­pared against Week­ly Trad­ing Plan

  • W1 Bear Engulf with price cur­rent­ly trad­ing with­in last week’s body
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price trad­ing with­in D1 demand
    • H4 react­ed off H4-C‑D 1.96518 and closed above H4 QLo
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 2/3
  • Mar­ket Profile
    • Flim­sy 3‑day bracket
  • Dai­ly Range
    • ADR: 1347
    • ASR: 840
      • 210
    • Day
      • Yes­ter­day’s High 1.97794
      • Yes­ter­day’s Low 1.96259

Sen­ti­ment

  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.30xASR
  • Nar­ra­tive
    • Mod­er­ate to Large Imbal­ance although gap down. H4 close above H4 QLo fol­lowed by a Bear­ish Inside Bar, pos­si­ble con­sol­i­da­tion. D1/W1 pos­si­ble bear­ish sentiment. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Val­ue Accep­tance, sus­tained auc­tion up
  • Hypo 2
    •  Return to Val­ue, VAL reversal
  • Hypo 3
    • Auc­tion Fade Short, vari­a­tion to hypo 1
  • Hypo 4 
    • Auc­tion Fade Long, vari­a­tion to Hypo 2

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1.97725
  • MN-C‑S 1.97293

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.96990
  • W1-C‑D 1.96800
  • MN-C‑D 1.95263

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 13 trades by the end of the month
  • Week­ly Goal
    • Min. 3 times work­ing out at home + manda­to­ry cardio
  • Risk Man­age­ment
    • With­out forc­ing a trade: aim to take 1 trade a day, if pos­si­ble 2. 
    • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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