Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 08202020

Premarket Prep GBPNZD 08202020

#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.

Week­ly goal

  • For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day

Non-con­jec­ture obser­va­tions of the market

  • D1 closed as a bear engulf (with long buy­ing wick touch­ing D1-C‑D 1.98688 below) giv­ing new sup­ply at D1-C‑S 1.99961 duck­ing below the round num­ber of 2
    • No close below 200MA
  • AS, LN down NY retraced (acti­vat­ing H4 Q points) through H4 RBR giv­ing demand H4-C‑D 1.99504
  • H4 Inside bar test­ing D1-C‑S 1.99961 giv­ing H4-C‑D 1.99633 (with­in clutter)
  • Mar­ket Profile
    • Yes­ter­day opened below val­ue inside range estab­lish­ing val­ue below the brack­et­ing range
    • ADR 1321
    • ASR 992
    • LN open with­in value
    • H4-C‑S 2.00550 at ADR 0.5 near ADR exhaus­tion with­in H4 QHi (above value)
    • D1-C‑D 1.98688 at ADR exhaus­tion and near H4 QLo (with­in value)
    • H4-C‑D 1.99504 right below VAH

Com­pared against Week­ly Trad­ing Plan

  • Mid MN, W1, and D1 swing
  • W1 closed above VWAP, cur­rent can­dle with­in last week’s body, Bear Engulf with long buy­ing wick formed
  • H4, D1 trend is up, W1 is down

Sen­ti­ment — Neutral

  • Sen­ti­ment
    • LN open with­in val­ue, larg­er time frame still look­ing bull­ish even though D1 formed a bear engulf there were a lot of buy­ers to absorb the selling
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1
    • Price being with­in val­ue I am not look­ing to trade. Although hav­ing said that there might be the fol­low­ing hypos I might want to get involved with
  • Hypo 2
    • LN open right at H4-C‑D 1.99504 below VAH may prove to be reac­tive but due to low­er time frame sup­ply ZOIs and Medi­um time frame c‑sup lines the prof­it tar­get would be less than desirable
      • I will mon­i­tor how the day plays out but not look­ing to force any­thing instead try and see what there is to learn.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 2.01105
  • H4-C‑S 2.00550
  • D1-C‑S 1.99961

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.99633 (with­in clutter)
  • H4-C‑D 1.99504

Mind­ful Trading

  • Slept light again

Focus Points for trad­ing development

  • Week­ly Goal
    • For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day
    • Incor­po­rate pro­file day type
  • Trad­ing Rules
    • If Open out­side of val­ue con­sid­er the place­ment in rela­tion to ADR 
    • Don’t take into con­sid­er­a­tion medi­um time frame c‑lines past 24 hours
  • Risk Man­age­ment
    • 3 trades 1% risk, 3rd trade only if first 2 worked out
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING


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