Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 09112020

Premarket Prep GBPNZD 09112020

#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 clos­ing with­in D1/H4 QLo arriv­ing at W1-C‑D 1.92067
  • H4 con­sol­i­da­tion on top of W1-C‑D 1.92067
  • LN and NY uni­di­rec­tion­al with 245% ADR
  • Mar­ket Profile
    • ADR: 1528
    • ASR: 1131
    • Day
      • Yes­ter­day’s High 1.95221
      • Yes­ter­day’s Low 1.92123
      • Price with­in day range near day low
    • Loca­tions
      • Price trad­ing over 1xASR
      • D1-C‑D 1.91319 at ADR Exhaustion
      • ADR 0.5 right below W1-C‑D 1.92067 below H4 consolidation

Com­pared against Week­ly Trad­ing Plan

  • D1 closed with­in W1 QLo


  • Sen­ti­ment
    • LN open
      • Below val­ue, out­side range
    • Open dis­tance to value
      • 1.3xASR
    • Sen­ti­ment
      • With near­by demand, uni­di­rec­tion­al move yes­ter­day, Fri­day, we could see a poten­tial mean reversion
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Price action con­fir­ma­tion rever­sal (prob­a­bly no momen­tum trade), sus­tained auc­tion clos­ing above H4 QLo, per­haps hold on (or get back in) in case of val­ue acceptance
  • Hypo 2 — Mean Reversion 
    • IB exten­sion down with price action con­firm­ing rever­sal and failed auc­tion form­ing neu­tral day
  • Hypo 3 — Con­tin­u­a­tion to yesterday’s move
    • Momen­tum trade, sus­tained auc­tion, ADR exhaustion

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.94717

ZOIs for Pos­si­ble Long

  • W1-C‑D 1.92067
  • D1-C‑D 1.91319

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


Day trader. Tech geek. Sim racer/Pilot.

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