Premarket Prep GBPNZD 08062020 - Bear Market Trader
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Premarket Prep GBPNZD 08062020

Premarket Prep GBPNZD 08062020

#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

  • D1 inside bar retrac­ing more than 50% clos­ing slight­ly with­in sup­ply D1-C‑S 1.97289
  • New­ly formed H4-C‑D 1.97445 through bull engulf not tak­ing out the over­head sup­ply H4-C‑S 1.97491 but near
  • Medi­um term time frame range
  • Mar­ket Profile
    • Price trad­ed high­er dur­ing AS hit­ting ADR 0.5 near swing high of the range
    • Cur­rent­ly above val­ue and range
      • Mild-mod­er­ate imbalance
    • ASR 1100 
      • MAX SL (including/excluding spread)
        • Short 33 pips
        • Long 23
    • ADR 1272

Com­pared against Week­ly Trad­ing Plan

  • Mid MN, W1, and D1 swing
  • W1 trad­ing above pre­vi­ous week’s body after a small retrace­ment, stil two days left
  • H4, D1 trend is up, W1 is down


  1. If open above val­ue and range, I’d like to see a bull­ish price action con­fir­ma­tion at VAH & H4-C‑D 1.97445. Pos­si­ble ear­ly entry war­rant­ed (per­haps based on low­er time frame) could be con­sid­ered. Oth­er­wise a pos­si­ble momen­tum trade trad­ing off IB exten­sion up. ADR exhaus­tion does coin­cide with M30 sup­ply so that could make for a good prof­it tar­get. Prefer­ably a sus­tained auc­tion through TPO leav­ing sin­gle prints behind exhaus­tion ADR to form a uni­di­rec­tion­al day. A medi­um ini­tia­tive day would have TPOs not clos­ing with­in IB but price action con­firm­ing a slow and steady incline. 
  2. If auc­tion is not sus­tained we could see either sin­gle prints fad­ed or a close with­in IB con­firm­ing a failed auc­tion. Based on if price action con­firms and price hasn’t extend­ed IB to the down­side, there might be an oppor­tu­ni­ty for an ear­ly entry before val­ue acceptance
  3. Anoth­er option could be (ear­ly) val­ue accep­tance through a con­fi­dent M30 (or M15 on the hour or half hour) close with­in val­ue for a pos­si­ble val­ue rota­tion, VAL coin­cid­ing with ADR 0.5 and exhaustion

Sen­ti­ment — Slight­ly Bearish

Addi­tion­al notes

  • Today
    • BOE Gov Bai­ley Speaks

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.99731
  • D1-C‑S 1.97289
  • H4-C‑S 1.97491
  • H1-C‑S 1.97817

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.97445

Mind­ful Trading

  • Slept okay but woke up a few times.

Focus Points for trad­ing development

  • Week­ly Goal
    • Have cor­rect SL place­ment and posi­tion sizing
    • Trade idea con­sid­er­ing mar­ket con­text based on larg­er time frame analysis 
  • Risk Man­age­ment
    • 1 allowed prod­ucts, no rules under active experimentation
      • GBPNZD
    • 1 active opened positions
    • 3 trades with 1% risk
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING


Day trader. Tech geek. Sim racer/Pilot.

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