Premarket Prep GBPNZD 02092021 - Bear Market Trader
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Premarket Prep GBPNZD 02092021

Premarket Prep GBPNZD 02092021

#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

  • Only take trades accord­ing to a hypo unless there are mul­ti­ple con­di­tions met

Com­pared against Week­ly Trad­ing Plan

  • Price is trad­ing below last week’s Bull Engulf with long buy­ing wick
  • Still trad­ing with­in W1 QLo

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 trad­ed low­er reach­ing D1-C‑D 1.89878 with some reaction
    • H4 Three Inside Down (at W1-C‑S 1.90661) with fol­low-through and cur­rent­ly made some demand above D1 C‑dem (although anoth­er H4 Three Out­side Down is formed with­in demand). Pos­si­ble H4 Phase 4 still in progress.
    • Mid D1/H4 swing
    • Pre­mar­ket H4-C‑D 1.90182 was made through bull engulf
  • Trend: H4 up, D1 up, W1 down
  • Mar­ket Profile
    • Val­ue cre­at­ed below Friday’s val­ue area
    • ADR: 1129
    • ASR: 850
      • 22
    • Day
      • Yes­ter­day’s High 1.90782
      • Yes­ter­day’s Low 1.89916


  • Loca­tions
    • W1-C‑S 1.90661 at VAH
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.2xASR
    • Nar­ra­tive
      • Due to trade loca­tion being at D1 C‑dem and new­ly formed H4 bull engulf giv­ing H4-C‑D 1.90182 (just took out H4 sup­ply) we could see a move up and accept val­ue. Although due to no clear rever­sal on D1 we could actu­al­ly see a test of val­ue before a con­tin­u­a­tion down. Open sen­ti­ment speaks to the latter.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Acceptance
    • Nar­ra­tive: New­ly formed H4 bull engulf at D1 C‑dem
    • Pre­ferred: Retest of H4-C‑D 1.90182 before con­tin­u­ing high­er, accept­ing val­ue ear­ly with quick follow-through.
    • Con: W1 c‑sup at VAH, val­ue very tight
  • Hypo 2 — Return to Value
    • Nar­ra­tive: D1 phase 4 pos­si­bly still in play
    • Pre­ferred: test­ing val­ue with a fail­ure to accept, price action rever­sal, failed auc­tion or IB exten­sion down. 
    • Con: new­ly formed H4 bull engulf

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.91538
  • H4-C‑S 1.91149
  • W1-C‑S 1.90631

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.90182 
  • D1-C‑D 1.89878
  • MN-C‑D 1.89745

Mind­ful Trading

  • Feel­ing okay but have to leave for a meet­ing into the session.

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


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