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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 06242020

Premarket Prep GBPNZD 06242020

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

  • On dai­ly there’s a 2nd test of W1 QLo and under­ly­ing demand D1-C‑D 1.91275 closed as an inside bar
  • H4 pin bar rejec­tion (tak­ing out pre­vi­ous H4 demand) of D1 QLo and con­se­quent RBR (H4-C‑D 1.92728 NEW RBR) cross­ing over VWAP into H4-C‑S 1.93531 and cur­rent­ly test­ing supply
  • Mar­ket Profile
    • Yes­ter­day val­ue rejec­tion to the down­side and con­se­quent push back over value
    • Cur­rent­ly price is trad­ing above val­ue but will need to reassess at open

Com­pared against Week­ly Trad­ing Plan

  • Trad­ing with­in last week’s body at Week­ly LKC how­ev­er no demand formed here yet since we are mid-week

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.93531
  • H4-C‑S 1.94828

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.92728 NEW RBR
  • H4-C‑D 1.91434
  • D1-C‑D 1.91275

Focus Points for trad­ing development

  • Risk Man­age­ment
    • Only take 2 trades a day but only have 1 active trade on between the assets
    • 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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