Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 08182020

Premarket Prep GBPNZD 08182020

#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 weak near-bear engulf
  • Pre­vi­ous H4 sup­ply tak­en out, near arrive to H4-C‑S 2.01105
  • Price still above H4 VWAP and UKC
  • Pos­si­ble H4 Phase 3 in effect
  • H4 Bull Engulf formed new demand at H4-C‑D 2.00218 just above pre­vi­ous demand of H4-C‑D 1.99926
  • Mar­ket Profile
    • ADR 1323
    • ASR 937
    • 2nd day brack­et­ing which seems to be the theme since last week. 2 days brack­et­ing fol­lowed by a move up. 
    • Cur­rent­ly price is trad­ing with­in val­ue but need to reassess at LN open
    • ADR 0.5 right above VAH
    • ADR exhaus­tion short yesterday’s low
    • H4-C‑D 2.00218 at yesterday’s range low
    • H4-C‑D 1.99557 at ADR exhaus­tion below
    • H4-C‑S 2.01105 at ADR exhaus­tion above

Com­pared against Week­ly Trad­ing Plan

  • Mid MN, W1, and D1 swing
  • W1 closed above VWAP, cur­rent can­dle above last week’s body
  • H4, D1 trend is up, W1 is down

Sen­ti­ment — Neu­tral for now

  • If LN opens below val­ue with­in range (or even with­in val­ue) we could see a move down since medi­um time frame is in a range and we are at the top of the range
    • Open below with­in range would be most pre­ferred here with price action con­firm­ing a pos­si­ble break down from H4-C‑D 2.00218 although due to under­ly­ing demand ZOIs this could be a poten­tial­ly ago­niz­ing­ly slow and risky play short
    • An exhaus­tion to the top is a bet­ter loca­tion for a pos­si­ble short with H4-C‑S 2.01105 right there
      • A failed auc­tion would be preferred
  • Although since larg­er time­frame is still bull­ish need to be careful. 
  • Due to H4 and D1 being up in trend the safer play would be at H4-C‑D 1.99557 coin­cid­ing with ADR exhaustion

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 2.01105

ZOIs for Pos­si­ble Long

  • H4-C‑D 2.00218
  • H4-C‑D 1.99938
  • H4-C‑D 1.99557

Mind­ful Trading

  • Slept okay

Focus Points for trad­ing development

  • Week­ly Goal
    • Align with mar­ket narrative
    • Tak­ing a trade is not a priority 
  • Risk Man­age­ment
    • 3 trades 1% risk
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

Day trader. Tech geek. Sim Racing Enthusiast.

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