Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 09092020

Premarket Prep GBPNZD 09092020

#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, cross down from 50MA
  • H4 Bear Engulf formed (H4-C‑S 1.96171) right on top of pre­vi­ous demand
  • Mid D1/H4 Swing
  • Mar­ket Profile
    • ADR: 1204
    • ASR: 970
    • Day
      • Yesterday’s High 1.96763
      • Yesterday’s Low 1.95501
      • Price with­in day range near day low
    • Loca­tions
      • M30 VWAP in DT
      • H4-C‑S 1.96171 near VAH at PPOC

Com­pared against Week­ly Trad­ing Plan

  • Below last week’s range near­ing W1 QLo


  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side range
    • Open dis­tance to value
      • 0.5xASR
    • Sen­ti­ment
      • Price hit ADR exhaus­tion dur­ing IB. We could see a pos­si­ble con­tin­u­a­tion since the open is only 0.5xASR away. I’ll stay open to that pos­si­bil­i­ty though.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Con­tin­u­a­tion (short)
    • Pref­ered: IB exten­sion down with sus­tained auc­tion. Could be grounds for a momen­tum trade due to medi­um and larg­er time frame bear­ish sentiment.
  • Hypo 2 — Mean Reversion
    • Not too cer­tain on this since LN opened mod­er­ate­ly imbal­ance plus we hit ADR exhaus­tion dur­ing LN.
    • Pre­ferred: a strong M30 rever­sal pat­tern, IB exten­sion up and sus­tained auction.
  • Hypo 3 — Return to val­ue (short)
    • A pos­si­ble return to value/range before rolling over to con­tin­ue the direc­tion down
    • Pref­ered: Ib exten­sion up, price action con­firm­ing a rever­sal fol­lowed by a failed auction. 
  • Hypo 4 — Mean Reversion
    • Exten­sion down hit­ting H4-C‑D 1.94804 being reac­tive with price action rever­sal, failed auc­tion up, val­ue acceptance

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.96754
  • H4-C‑S 1.96171

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.96760
  • H4-C‑D 1.96133
  • H4-C‑D 1.94804

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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