Bear Market Trader | Premarket Prep GBPNZD - London session
day trade, day trading, forex, FX, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,
post-template-default,single,single-post,postid-3172,single-format-standard,vcwb,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky,wpb-js-composer js-comp-ver-4.12,vc_responsive

Premarket Prep GBPNZD 08262020

Premarket Prep GBPNZD 08262020

#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 still above 200MA clos­ing into sup­ply cre­at­ing D1-C‑D 2.00208 (with­in clutter)
    • Phase 3 still in effect
  • H4 Bull Engulf at H4-C‑D 2.00046 with lit­tle fol­low-through that tran­si­tions into a con­sol­i­da­tion (with longer sell­ing wicks) and bear engulf fin­ish­er giv­ing H4-C‑S 2.00668
    • Phase 3 still in effect
    • Mid H4 Q swing
  • Mar­ket Profile
    • Mul­ti-day bracketing
    • Val­ue area tighter
    • ADR: 1538 
    • ASR: 1285
    • Ses­sion
      • High 2.01292
      • Low 2.00079
      • Price with­in session’s range
    • Loca­tions
      • H4-C‑S 2.00668 with­in val­ue below POC
      • D1-C‑D 2.00208 (with­in clut­ter) below val­ue, out­side range, with­in session’s range
      • H4-C‑D 2.00046 at ADR 0.5

Com­pared against Week­ly Trad­ing Plan

  • Near D1 QHi
  • Mid MN, W1 swing
  • W1 above pre­ced­ing week’s can­dle, with­in range
  • H4, D1 trend is up, W1 is down

Sen­ti­ment — Neutral

  • Sen­ti­ment
    • LN open
      • Tech­ni­cal­ly Below val­ue, inside range but too close to val­ue (with­in 3 ticks) so open con­sid­ered to be with­in value
    • Open dis­tance to val­ue: very close, could be con­sid­ered open inside value
    • IB
      • Val­ue rota­tion if you con­sid­er open out­side val­ue, oth­er­wise just respon­sive activ­i­ty, will ask for clarification
    • Sen­ti­ment: MP shows a neu­tral sen­ti­ment for now
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 —  respon­sive activ­i­ty day
  • Hypo 2 — Val­ue Rejec­tion short
    • Due to H4-C‑S 2.00668

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 2.02267
  • D1-C-SD 2.00546
  • H4-C‑S 2.00668

ZOIs for Pos­si­ble Long

  • D1-C-SD 2.00546
  • D1-C‑D 2.00208 (with­in clutter)
  • H4-C‑D 2.00046

Mind­ful Trading

  • Slept okay, feel­ing better

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
    • FX with­in val­ue > DAX
  • Risk Man­age­ment
    • 3 trades 1% risk, 3rd trade only if first 2 worked out
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

Day trader. Tech geek. Sim Racing Enthusiast.

No Comments

Post A Comment

The maximum upload file size: 128 MB. You can upload: image, audio, video, document, spreadsheet, interactive, text, archive, code, other. Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded. Drop files here