Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 02152021

Premarket Prep GBPNZD 02152021

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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

  • W1 Bull Engulf clos­ing above W1 QLo negat­ing any low­er time frame QHi

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Arrival at D1 QHi with some reac­tion, trad­ing with­in D1-C‑S 1.91538 (D1 RBR bull engulf with longer sell­ing wick turned this lev­el into demand D1-C‑D 1.91538)
    • H4 Bear Engulf, price above H4 VWAP
    • Pre­mar­ket: No fol­low-through on the H4 bear engulf instead a close with­in new­ly formed supply
  • Trend: H4 up, D1 up, W1 down
  • Mar­ket Profile
    • 3 day brack­et although swings are wider with price cur­rent­ly trad­ing with­in value
    • ADR: 1101
    • ASR: 868
      • 22
    • Day
      • Yes­ter­day’s High 1.92426
      • Yes­ter­day’s Low 1.90960


  • Loca­tions
    • ADR 0.5 Low at LTF demand at VAL and D1-C‑D 1.91538
    • LTF sup­ply at Friday’s high
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Very close prox­im­i­ty to val­ue edge so we might see a val­ue accep­tance. How­ev­er, due to larg­er time frame sen­ti­ment we could see a move higher.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: Close above W1 QLo, mul­ti­ple tests of D1 sup­ply and thus D1 QHi
    • Pre­ferred: 2nd chance entry (test­ing val­ue) on Bull Engulf formed pre­mar­ket with a close above val­ue, IB exten­sion up with sus­tained auc­tion tak­ing ouit over­head supply. 
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: near-prox­im­i­ty to val­ue edge, D1 pull­back to new­ly formed demand
    • Pre­ferred: Ear­ly Accep­tance and quick follow-through
    • Con: larg­er time­frame bull­ish sen­ti­ment, ADR 0.5 low and D1 C‑dem at VAL

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.91149
  • W1-C‑S 1.90631

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.91538
  • D1-C‑D 1.90495
  • MN-C‑D 1.89745

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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