Bear Market Trader | Premarket Prep GBPNZD - London session
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20210721 Premarket Prep GBPNZD

20210721 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

  • Price trad­ing with­in last month’s body
  • W1 Bear Engulf with top of the range almost tak­ing out W1 Sup­ply. Price retraced to W1-C‑S 1.97725 and react­ed but price is still trad­ing with­in last week’s body at W1 demand.
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf with no con­tin­u­a­tion, instead a spin­ning top with longer sell­ing wick (that made a HH react­ing off D1 QHi) was created.
    • H4 Bull­ish Inside Bar cre­at­ed at W1 demand with no fol­low-through. Instead a Drag­on­fly Doji cre­at­ed with­in H4 QLo.
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 2/3
  • Mar­ket Profile
    • 5‑day brack­et­ing range with price cur­rent­ly trad­ing at its lows
  • Dai­ly Range
    • ADR: 1213
    • ASR: 965
      • 25
    • Day
      • Yes­ter­day’s High 1.98056
      • Yes­ter­day’s Low 1.96668


  • LN open
    • Below Val­ue, With­in Range,
  • Open dis­tance to value
    • 0.04xASR
  • Nar­ra­tive
    • 4
  • Clar­i­ty (1–5, 5 being best)
    • Mod­er­ate Imbal­ance. Brack­et­ing range. H4 closed high­er with a RBR. 
  • Hypo 1
    • Val­ue Accep­tance, sus­tained auc­tion up
  • Hypo 2
    •  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

  • W1-C‑D 1.96800
  • H4-C‑D 1.96518

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


Day trader. Tech geek. Sim Racing Enthusiast.

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