Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 07082020

Premarket Prep GBPNZD 07082020

#pre­mar­ket­prep #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

  • D1 Bull Engulf with con­ter­mi­nous D1-C‑D 1.90748 Bull E. clos­ing above D1/W1 QLo
  • H4 RBR form­ing con­ter­mi­nous H4-C‑D 1.91644 RBR right above D1/W1 QLo
  • Mar­ket Profile
    • Yes­ter­day val­ue rejec­tion to the upside 
    • Cur­rent­ly trad­ing above val­ue + range

Com­pared against Week­ly Trad­ing Plan

  • Below W1 LKC and extend­ed away from VWAP but retracing
  • Mov­ing away from MN demand 

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.92077
  • H4-C‑S 1.92486
  • D1-C‑S 1.93071
  • D1-C‑S 1.95234

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.91644 RBR
  • D1-C‑D 1.91314
  • H4-C‑D 1.90530 Inside Bar
  • MN-C‑D 1.89650
  • W1-C‑D 1.85887

Focus Points for trad­ing development

  • Week­ly Goal
    • Cor­rect posi­tion sizing
    • Trades pri­or­i­ty: 1) let mar­ket pro­file guide 2) M30 con­fir­ma­tion (watch out for ‘Bil­ly No Mates’)
  • Risk Man­age­ment
    • Only take 2 trades a day but only have 1 active trade on between the assets
    • Only trade off M30 candles
    • 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

Day trader. Tech geek. Sim Racing Enthusiast.

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