Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 07312020

Premarket Prep GBPNZD 07312020

#pre­mar­ket­prep #trad­ing­forex #forex #FX #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

  • After a pro­longed down­trend price went in a range and has final­ly bro­ken that range to the upside and price is trad­ing above UKC for the first time
  • No new dai­ly sup­ply zones created
  • New H4 demand formed with H4-C‑D 1.94786 and H4-C‑D 1.94183 before reach­ing sup­ply at H4-C‑S 1.96375
  • H4 Bear Engulf at H4-C‑S 1.96375 with con­se­quent pull­back and imme­di­ate bull engulf back test­ing over­head sup­ply again form­ing some new demand right under­neath with H4-C‑D 1.96120
  • Mar­ket Profile
    • Clear uptrend how­ev­er cur­rent­ly price is trad­ing with­in val­ue, will need to reassess at LN open

Com­pared against Week­ly Trad­ing Plan

  • MN
    • Month­ly clean arrival at MN-C‑D 1.89696 (with under­ly­ing Q1 QLo) and saw some ini­tial reaction
    • Mid swing MN1 Q
    • Test­ing MN VWAP after we broke down last month
  • W1
    • Con­sol­i­da­tion with bull engulf last week W1-C‑D 1.92026, might be in process of a VWAP mean reversion

Sen­ti­ment — Neu­tral to Slight­ly Bearish

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.96375

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.96120
  • H4-C‑D 1.94786
  • H4-C‑D 1.94183
  • D1-C‑D 1.91540
  • H4-C‑D 1.92006
  • H4-C‑D 1.92716
  • W1-C‑D 1.92026

Mind­ful Trading

  • I slept okay last night.

Focus Points for trad­ing development

  • Week­ly Goal
    • Have cor­rect SL place­ment and posi­tion sizing
  • Risk Man­age­ment
    • 3 allowed products
      • Crude
      • GBPNZD
      • DAX
    • 2 active opened posi­tions — not on the same product
    • 2% dai­ly loss limit
    • 3 trades allowed if ‘in the zone’
    • Only trade off M30 can­dles or momen­tum plays
    • After 4 los­ing trades in a week 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 Racing Enthusiast.

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