Premarket Prep GBPNZD 01132021 - Bear Market Trader
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Premarket Prep GBPNZD 01132021

Premarket Prep GBPNZD 01132021

#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

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

  • Retrac­ing pre­vi­ous week’s down move but still with­in MN demand (although near­ing c‑line)

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Phase 2 with yes­ter­day leav­ing behind a longer sell­ing wick
    • H4 Bear Engulf formed after near­ing W1-C‑S 1.90104 (1st test) giv­ing H4-C‑S 1.89357 with lit­tle fol­low-through. Price trad­ed from with­in H4 QHi to close below with a con­se­quent Bull Engulf was formed test­ing over­head sup­ply again giv­ing H4-C‑D 1.89281.
    • H4 closed high­er into over­head sup­ply premarket
  • Mar­ket Profile
    • Pro­files expand­ing (up) with yesterday’s val­ue wider than usu­al (60+ pips)
    • ADR: 1279
    • ASR: 953
      • 25
    • Day
      • Yes­ter­day’s High 1.89930
      • Yes­ter­day’s Low 1.88396


  • Loca­tions
    • H4-C‑D 1.89281 with­in value
    • H4-C‑D 1.88629 below val­ue, with­in range
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A. 
    • Sen­ti­ment
      • Bal­anced. Although with a pos­si­ble D1 phase 2 we could see a con­tin­u­a­tion to the move as H4 closed deep­er into sup­ply as well. If we take out new­ly formed H4 demand this would negate the bal­anc­ing to bull­ish premise. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Play off near­by LTF SD and ADR levels.
  • Hypo 2 — Trend Con­tin­u­a­tion / Val­ue Rejec­tion Up
    • Pre­ferred: Strong Bull­ish price action (as we are trad­ing direct­ly into sup­ply), IB exten­sion up and sus­tained auc­tion tak­ing out H4 supply.
    • Con: W1 C‑sup above
  • Hypo 3 — Val­ue Rejec­tion Down
    • Pre­ferred: Strong close with­in demand, IB exten­sion down tak­ing out demand.
  • Hypo 4 — Swing Reversal
    • Pre­ferred: IB exten­sion up with price action rever­sal fail­ing auc­tion and quick follow-through

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1.90104
  • H4-C‑S 1.89357

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.88629
  • D1-C‑D 1.87573
  • W1-C‑D 1.85877

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 racer/Pilot.

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