Premarket Prep GBPNZD 01142021 - Bear Market Trader
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Premarket Prep GBPNZD 01142021

Premarket Prep GBPNZD 01142021

#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 trad­ing above MN demand

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Phase 2 still in progress hav­ing tak­en out D1 sup­ply and yet again react­ing off over­head sup­ply (D1-C‑S 1.90528)
    • H4 Bear­ish Inside Bar formed at W1 C‑sup giv­ing new sup­ply at H4-C‑S 1.89786 with no imme­di­ate fol­low-through. Instead a con­sol­i­da­tion below supply. 
    • H4 VWAP in UT
    • H4 test­ed  under­ly­ing demand H4-C‑D 1.89281 for a 2nd time and closed as a Bull Engulf with long buy­ing wick. 
  • Mar­ket Profile
    • Slight­ly less wide val­ue area formed on top of pre­vi­ous one with cur­rent­ly price trad­ing below value
    • ADR: 1289
    • ASR: 955
      • 25
    • Day
      • Yes­ter­day’s High 1.90606
      • Yes­ter­day’s Low 1.88960


  • Loca­tions
    • W1 C‑sup with­in val­ue above VAL at H4 QHi
    • ADR 0.5 and Exhaus­tion at VAH
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1xASR
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance. Close prox­im­i­ty to VAL so might see val­ue accep­tance to fur­ther con­firm the D1 phase 2 still hav­ing some momen­tum behind it. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Acceptance
    • Pre­ferred: Ear­ly accep­tance with quick rota­tion exhaust­ing ADR
  • Hypo 1b — Con­tin­u­a­tion to 1a
    • Pre­ferred: IB exten­sion up with sus­tained auc­tion. Pos­si­ble Low/medium activ­i­ty day.
  • Hypo 2 — Return to Value
    • W1 C‑sup at VAL
    • Pre­ferred: Bear­ish price action con­firm­ing rever­sal, IB exten­sion down with sus­tained auction. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1.90104
  • H4-C‑S 1.89786

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 Racing Enthusiast.

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