20210804 Premarket Prep GBPNZD - Bear Market Trader
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20210804 Premarket Prep GBPNZD

20210804 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 is retrac­ing all of last week’s body
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Evening star and con­tin­u­a­tion down clos­ing below D1 QHi with no arrival at W1 demand (yet)
    • Price reject­ed H4 QHi, pro­ceed­ed to make a sup­ply at H4-C‑S 1.98418 and arrived at H4 QLo
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is Up 2/3
  • Mar­ket Profile
    • A val­ue was cre­at­ed below the pre­ced­ing brack­et­ing range
  • Dai­ly Range
    • ADR: 1076
    • ASR: 659
      • 16
    • Day
      • Yes­ter­day’s High 1.99053
      • Yes­ter­day’s Low 1.97510


  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 2.03xASR
  • Nar­ra­tive
    • Large Imbal­ance at the open. IB trad­ed down to W1-C‑D 1.96800. Pos­si­ble con­tin­u­a­tion to H4 Phase 4 although trad­ing at H4 QLo, trend is up ⅔. Price retraced to a W1 Three Inside Up c‑dem which is not a good sign but due to the larg­er time­frame expect­ing buy­ers to still come on. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, Failed Auc­tion Long as C already extend­ed below IB
  • Hypo 2
    • Auc­tion Fade Long, vari­a­tion to Hypo 3
  • Hypo 3
    • Sus­tained Auc­tion Down. very risky due to W1 demand, pos­si­ble late-sus­tained auc­tion entry

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 2.00000
  • H4-C‑S 1.99407
  • H4-C‑S 1.98418

ZOIs for Pos­si­ble Long

  • W1-C‑D 1.96800

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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