Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 07162020

Premarket Prep GBPNZD 07162020

#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-C‑S 1.91953 Bear Engulf clos­ing slight­ly below W1 QLo and into demand
  • D1-C‑D 1.90732 from pre­vi­ous bull engulf might be cause for congestion
  • New H4 sup­ply cre­at­ed through bear engulf H4-C‑S 1.92097 with some con­ges­tion after arriv­ing at D1 QLo
  • Mar­ket Profile
    • Mul­ti-day brack­et­ing but we might have bro­ken down from range
    • Cur­rent­ly trad­ing 70+ pips below from VAL @ H4 Qlo

Com­pared against Week­ly Trad­ing Plan

  • Price still with­in Week­ly consolidation

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.92097
  • D1-C‑S 1.91953

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.91306
  • D1-C‑D 1.90732
  • MN-C‑D 1.89577

Mind­ful Trading

  • Sleep got inter­rupt­ed but took a nap mid­day. Feel­ing okay.

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
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

Day trader. Tech geek. Sim racer/Pilot.

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