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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 01042021

Premarket Prep GBPNZD 01042021

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

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

Week­ly Focus Points

  • Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if pos­si­ble. Unless there is a momen­tum play.

Com­pared against Week­ly Trad­ing Plan

  • Trad­ing with­in W1 supply

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • H4 Three Inside Down giv­ing H4-C‑S 1.90051
  • Mar­ket Profile
    • ADR: 1304
    • ASR: 935
      • 24
    • Day
      • Yes­ter­day’s High 1.90096
      • Yes­ter­day’s Low 1.88434

Sen­ti­ment

  • Loca­tions
    • D1-C‑D 1.88727 with­in val­ue at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.8xASR
    • Sen­ti­ment
      • Mod­er­ate to large imbal­ance. With new H4 sup­ply formed and open imbal­ance we could see a move down as we are also in the top part of the over­all range. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Swing Reversal
    • Pre­ferred: Retest of new H4 C‑sup, IB exten­sion down, sus­tained auction.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.90528
  • H4-C‑S 1.90051

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.88727

Mind­ful Trading

  • Not trad­ing today

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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