Premarket Prep GBPNZD 01062021 - Bear Market Trader
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Premarket Prep GBPNZD 01062021

Premarket Prep GBPNZD 01062021

#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 away from W1 sup­ply deep­er into MN demand

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 trad­ed down tak­ing out demand and arriv­ing clean at D1-C‑D 1.87573 and D1 QLo
    • H4 Phase 4 form­ing a sup­ply base at H4-C‑S 1.88284 through Bear Engulf arriv­ing at D1 QLo (no rejec­tion yet) while still mid H4 swing.
    • H4 clos­ing fur­ther down into D1 demand premarket. 
  • Mar­ket Profile
    • Yes­ter­day left a poor high at 1.88740
    • After val­ue was cre­at­ed on top of the pre­vi­ous brack­et­ing range we now have a val­ue below it
    • ADR: 1267
    • ASR: 1012
      • 26
    • Day
      • Yes­ter­day’s High 1.89176
      • Yes­ter­day’s Low 1.87577


  • Loca­tions
    • H4-C‑S 1.88284 at VAL
    • D1-C‑D 1.87573 at yesterday’s low
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1xASR
    • Sen­ti­ment
      • Large Imbal­ance. With val­ues expand­ing and try­ing to break from brack­et­ing range com­bined with near­by D1 demand and QLo we could be see­ing a tran­si­tion to Phase 1 and then 2 com­ing into the mar­ket on a longer term. Espe­cial­ly since we still have some way to go before hit­ting the W1 demand. On the medi­um term hori­zon I will let pro­file, val­ue open sen­ti­ment and price action guide me (as always). 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Price trad­ing with­in D1 QLo, near­ing H4 QLo, near­by H4/D1 C‑dems
    • Pre­ferred: Strong Bull­ish price action rever­sal per­haps dur­ing IB after a fur­ther retest down to H4-C‑D 1.86623. Oth­er­wise a failed auc­tion after an IB exten­sion down. 
  • Hypo 2 — Trend Continuation
    • ADR exhaus­tion (just below H4 QLo, no rever­sal pat­terns, IB exten­sion down with sus­tained auction

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.90528
  • H4-C‑S 1.90051
  • H4-C‑S 1.88284

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.87573
  • H4-C‑D 1.86623

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


Day trader. Tech geek. Sim Racing Enthusiast.

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