Premarket Prep GBPNZD 09032020 - Bear Market Trader
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Premarket Prep GBPNZD 09032020

Premarket Prep GBPNZD 09032020

#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 phase 4 con­tin­u­a­tion after bear engulf the pre­ced­ing day clos­ing slight­ly with­in demand with longer buy­ing wick
  • H4 phase 4 (form­ing H4-C‑S 1.97506) but some con­sol­i­da­tion now cre­at­ing some demand (even though bear engulf with­in con­sol­i­da­tion no fol­low-through yet) pos­si­ble tran­si­tion to Phase 1 or just a speed bump
  • Mar­ket Profile
    • Yes­ter­day was an open below the brack­et­ing range
    • ADR: 1248
    • ASR: 1166
    • Day
      • Day High 1.98170
      • Day Low 1.96701
      • Price with­in day range
    • Loca­tions
      • ADR 0.5 at day low
      • H4-C‑S 1.97506 at VAH (weak­er due to com­ing from the inside)
      • H4-C‑D 1.96594 (weak) at ADR 0.5

Com­pared against Week­ly Trad­ing Plan

  • Below Last month’s body, with­in range
  • Below last week’s range in line with evening star


  • Sen­ti­ment
    • LN open
      • Below val­ue, slight­ly out­side range
    • Open dis­tance to value
      •  0.4xASR
    • Sen­ti­ment
      • No mean rever­sion cri­te­ria ful­filled due to open still near VAL by 0.4 ASR. H4 print­ing a Bear Engulf and then poten­tial­ly form­ing a DBD.Slightly Short.
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1 — Short
    • Medi­um and large time frame bear­ish sen­ti­ment. Slight­ly out­side range (0.4xASR)
    • Pre­ferred: 2nd Chance Entry. IB exten­sion down. Sus­tained auc­tion. ADR exhaustion.
    • Cons: H4-C-dem (old­er) with­in H4 QLo
  • Hypo 2 — Long 
    • Unsafe due to large time bear­ish sen­ti­ment and no large imbal­ance, plus very tight val­ue and low­er time frame supplies
    • ADR 0.5 at H4-C‑D 1.96594
    • Pre­ferred: Val­ue Acceptance

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.98966
  • D1-C‑S 1.98136
  • H4-C‑S 1.97506

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.98128
  • H4-C‑D 1.96594

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
    • OK to take 1R when in DD
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING


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