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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 07012020

Premarket Prep GBPNZD 07012020

#trad­ing­forex #forex #day­trad­ing #trad­inglifestyle #day­trader­life #GBPNZD 

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 is show­ing a big inside bar at W1 QLo after test­ing D1-C‑D 1.91289 with 3rd bar print­ing today. How­ev­er sup­ply was cre­at­ed and has D1-C‑S 1.91492 NEW at W1 QLo and just above exist­ing Dai­ly demand
  • Dai­ly still below VWAP and tests of said lev­el are get­ting slight­ly more frequent
  • H4 Phase 1/3 fol­lowed by a sell off in the last day by a H4 Bear Engulf at VWAP form­ing H4-C‑S 1.91924 NEW
  • Mar­ket Profile
    • For the last two days the mar­ket has been bal­anc­ing and is cur­rent­ly trad­ing with­in value

Com­pared against Week­ly Trad­ing Plan

  • Price at W1 QLo and W1 LKC
  • Price in the mid­dle of the MN swing, cur­rent­ly near­ing MN demand MN-C‑D 1.89592

Sen­ti­ment — Neutral

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.91924 NEW
  • D1-C‑S 1.93079 NEW
  • H4-C‑S 1.93553 NEW

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.92689 NEW
  • D1-C‑D 1.91289
  • H4-C‑D 1.92139
  • H4-C‑D 1.91438

Focus Points for trad­ing development

  • Week­ly Goal
    • Cor­rect posi­tion sizing
  • Risk Man­age­ment
    • Only take 2 trades a day but only have 1 active trade on between the assets
    • Trad­ing Priority
      • FX pair out­side value
      • FX pair inside > Gold
      • 2+R prof­it dur­ing LN con­sid­er trad­ing PNYC
    • 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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