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,

Premarket Prep GBPNZD 08272020

Premarket Prep GBPNZD 08272020

#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 going against D1-C‑D 2.00208 (with­in clut­ter) in line with Phase 3. Bear Engulf giv­ing more weight to pre­vi­ous sup­ply form­ing new D1-C‑S 2.00220 clos­ing below D1 200MA but still above VWAP and D1-C‑D 1.98688 seems to be reac­tive (for now)
  • D1 Phase 3 no break from range yet
  • H4 phase 4 and price arrived at H4-C‑D 1.99491 with­out reaction
  • Yes­ter­day was uni­di­rec­tion­al and moved 97% of ADR
  • Mar­ket Profile
    • Mul­ti-day brack­et­ing, but price moved below its range
    • ADR: 1425
    • ASR: 1220
    • Ses­sion
      • High 2.00847
      • Low 1.99353
      • Price below yesterday’s range and neared ADR 0.5 and D1-C‑D 1.98688
    • Loca­tions
      • D1-C‑S 2.00220 at VAL and ADR Exhaustion
      • H4-C‑D 1.99491 at H4 QLo, a close above this lev­el would con­firm a bull­ish sen­ti­ment on the short term
      • D1-C‑D 1.98688 at ADR 0.5

Com­pared against Week­ly Trad­ing Plan

  • Mov­ing away from D1 QHi
  • Mid MN, W1 swing
  • W1 below pre­ced­ing week’s can­dle, with­in range
  • H4, D1 trend is up, W1 is down


  • Sen­ti­ment
    • LN open
      • Below Val­ue, out­side range, below yesterday’s range, low­er time frame sup­ply at ADR 0.5 and 1xASR away, with­in H4 QLo, but larg­er time frame phase 3
    • Open dis­tance to value
      • about 1x ASR
    • IB
      • Move slight­ly away from Yes­ter­day ses­sion low test­ing low­er time frame demand.
    • Sen­ti­ment
      • The larg­er imbal­ance paired with yes­ter­day being uni­di­rec­tion­al could sug­gest a mean rever­sion up, although due to larg­er time frame phase 3 impli­ca­tions this would be some­what unsafe
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Long
    • Mean rever­sion: large imbal­ance, bounce off ADR 0.5 and D1-C‑D 1.98688, yesterday’s uni­di­rec­tion­al day,
      • Pre­ferred: sus­tained auc­tion clos­ing above D1-C‑D 1.99491 through Bull Engulf
  • Hypo 2 — Return to val­ue, VAL + D1-C‑S 2.00220
  • Hypo 3 — mean reversion
    • con­tin­u­a­tion of phase 4, hit­ting ADR exhaus­tion, TPO struc­ture build and price action con­fir­ma­tion for a reversal.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 2.00668
  • D1-C‑S 2.00220

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.99491
  • D1-C‑D 1.98688

Mind­ful Trading

  • Slept okay

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 racer/Pilot.

No Comments

Post A Comment