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Premarket Prep GBPNZD 06192020 - Bear Market Trader
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Premarket Prep GBPNZD 06192020

Premarket Prep GBPNZD 06192020

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.

Non-con­jec­ture obser­va­tions of the market

  • Dai­ly (and week­ly) demand tak­en out and no new demand formed (yet)
  • New H4 demand formed after a drop (cre­at­ing new sup­ply H4-C‑S 1.94642 NEW) fol­lowed by big inside bar fol­lowed by RBR cre­at­ing H4-C‑D 1.93270 NEW
  • Mar­ket Profile
    • HK ses­sion range exhausted
    • Price cur­rent­ly with­in LN val­ue and val­ue is quite tall of 101 pips
    • H4-C‑D 1.93270 NEW just below PVAL

Com­pared against Week­ly Trad­ing Plan

  • Week­ly demand tak­en out and extend­ed over last week’s range

Sen­ti­ment — Neutral

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.94642 NEW

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.93270 NEW

Focus Points for trad­ing development

  • Exit rules
    • Option 1: Time-based stop
    • Option 2: Tar­get hit (SL (98/4) 25 pips + spread or x2 TP)
    • NO OPTION 3
      • UNLESS a trade is entered with­in 1 hour or half hour before the hard exit rule option 1
  • Entry rules
    • Cut off look­ing for trades at 45 min before time-based stop
    • Entry on TPO break of IB
    • Ear­ly entry with price action con­fir­ma­tion at 
      • H4 con­ter­mi­nous
      • Open far from val­ue, antic­i­pat­ing a move back to val­ue using an engulf­ing + sub­se­quent break of TPO
    • Min. X2 R/R
    • Use TPO con­fir­ma­tion or inval­i­da­tion for direc­tion­al deci­sions by look­ing for in con­junc­tion with H4 con­ter­mi­nous lines
      • TPO exten­sion with a sus­tained move (BO from IB)
      • TPO exten­sion with failed auc­tion (return to IB)
      • How this direc­tion of TPO exten­sion relates to Val­ue Area open sentiment
  • Risk Man­age­ment
    • Only take 2 trades a day
    • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits
T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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