Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 09082020

Premarket Prep GBPNZD 09082020

#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 DBD to D1 50MA but no D1 or W1 demand below
  • Push away from H4-C‑S 1.97413 (test­ing sup­ply aain with sell­ing wick) arriv­ing at H4-C‑D 1.96133 before form­ing a strong inside bar with no fol­low-through that turned into a con­sol­i­da­tion form­ing some demand (H4-C‑D 1.96760) although price hasn’t left it
  • Took out H4 QLo and made a new one so cur­rent­ly mid swing
  • Mar­ket Profile
    • ADR: 1207
    • ASR: 923
    • Day
      • Yesterday’s High 1.97578
      • Yesterday’s Low 1.96219
      • Price with­in day range near day low
    • Loca­tions
      • H4-C‑D 1.96760 with­in value
      • Yesterday’s low = VAL

Com­pared against Week­ly Trad­ing Plan

  • Below last week’s range around W1-C‑D 1.97865 BASE


  • Sen­ti­ment
    • LN open
      • With­in value
    • Open dis­tance to value
      • N.A.
    • Sen­ti­ment
      • Bear­ish
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — respon­sive activity
  • Hypo 2 — short val­ue rejection
    • (This is what I had hoped for ear­li­er but we had an open with­in val­ue. Below Val­ue, out­side range but Yesterday’s low = VAL so grounds for mod­er­ate imbal­ance and con­tin­u­a­tion to the move.
    • Momen­tum con­tin­u­a­tion trade)
    • Pre­ferred: Con­fi­dent close out­side of value,price action con­firm­ing a sus­tained auc­tion down, hit­ting ADR exhaus­tion call­ing in the pos­si­bil­i­ty for an abnor­mal day.
  • Hypo 3 — Long
    • long off H4 C‑Dem but since LN opened with­in val­ue this is some­what more risky. Might try a half sized position. 
    • Pre­ferred M30 Bull engulf rever­sal on H4 c‑dem

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.98136
  • H4-C‑S 1.97413

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.96760
  • H4-C‑D 1.96133

Mind­ful Trading

  • A bit tired

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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