Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 09042020

Premarket Prep GBPNZD 09042020

#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-C‑D 1.97354 proved reac­tive and price returned back to D1-C‑S 1.98136 form­ing an almost bull engulf. Pos­si­ble tran­si­tion to phase 1 or 2.
  • H4-C‑D 1.97135 through phase 1 with con­se­quent tran­si­tion to phase 2
  • H4 ral­ly clos­ing above H4QLo
  • Mar­ket Profile
    • Yes­ter­day was an open slight­ly below session’s range, with val­ues near­ly overlapping
    • ADR: 1276
    • ASR: 997
    • Day
      • Day High 1.98298
      • Day Low 1.96820
      • Price with­in day range near day high
    • Loca­tions
      • D1-C‑S 1.98136 at yesterday’s high, 1xASR above VAH
      • D1-C‑D 1.97354 near VAH and ADR 0.5
      • ADR exhaus­tion with­in value

Com­pared against Week­ly Trad­ing Plan

  • Below last week’s range around W1-C‑D 1.97865 BASE (at H4 QLo)


  • Sen­ti­ment
    • LN open
      • Above val­ue, out­side range at D1-C‑S 1.98136 about 1xASR away
    • Open dis­tance to value
      • 1xASR
    • Sen­ti­ment
      • Mean rever­sion, backed by H4 Bear Engulf
  • Clar­i­ty (1–5, 5 being best)
    • 5
  • Hypo 1 — Mean Reversion
    • Above val­ue, out­side range at D1-C‑S 1.98136 about 1xASR away
    • Cons H4 QLo, price above H4 VWAP
  • Hypo 2: long
    • D1 bull engulf, no test of VWAP after cross­ing down, pos­si­bly tak­ing out H4 sup­ply. Pre­ferred: tak­ing out of over­head sup­ply with sus­tained auc­tion, exhaust­ing ADR. Cons: Pro­file sen­ti­ment due to locataion away from VAH.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.98136

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.97354
  • H4-C‑D 1.97135

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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