Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 10072020

Premarket Prep GBPNZD 10072020

#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

  • Price action
    • D1 trad­ed high­er into sup­ply above the day pri­or leav­ing a longer buy­ing wick behind but still with­in sup­ply and would need to reach 1.9696 before it’s tak­en out
    • H4 Bear Engulf @ H4-C‑S 1.95583 and H4 QHi with no fol­low-through and imme­di­ate return through inside bar at D1-C‑D 1.94743 near­ing H4 QLo, rang­ing market
      • H4 demand formed below supply
  • Mar­ket Profile
    • Pro­files still brack­et­ing, yesterday’s val­ue very wide
    • ADR: 1447
    • ASR: 1479
      • 37
    • Day
      • Yes­ter­day’s High 1.96040
      • Yes­ter­day’s Low 1.94312
      • Cur­rent­ly price right above VAH with­in range

Com­pared against Week­ly Trad­ing Plan

  • Trad­ing above last week’s body but with­in range. IF we keep this up (big IF since it’s only Tues­day) we could close as a RBR break­ing out from VWAP. Big IF still so could go either way. 


  • Loca­tions
    • ADR 0.5 high at H4-C‑S 1.96265
    • H4 QHi at Yesterday’s high
    • ADR 0.5 low with­in Value 
    • QDR exhaus­tion at VAL, yesterday’s low
  • Sen­ti­ment
    • LN open
      • Above val­ue, with­in range
    • Open dis­tance to value
      • Right on top of VAH
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance. Look­ing for a poten­tial move up but with a lot of medium/higher time frame con­ges­tion in the way + H4 QHi this could be a very slow crawl. A bet­ter oppor­tu­ni­ty would be a rever­sal around ADR 0.5 since we are in a rang­ing mar­ket. Unless Price revers­es and accepts val­ue, with val­ue being so wide we could see nice rota­tion although there is con­ges­tion under­neath as well. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Rever­sal (short)
    • H4 c‑sup, ADR 0.5, H4 QHi
    • Pre­ferred: PA rever­sal with­in IB, oth­er­wise an exten­sion up fol­lowed by rever­sal and failed auc­tion, val­ue acceptance
  • Hypo 2 Return to Val­ue (long)
    • Pre­ferred: IB exten­sion up (momen­tum), tak­ing out H4 sup­ply, late sus­tained auc­tion entry

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C_S 1.95583
  • H4-C‑S 1.95349 (less significant)
  • D1-C‑S 1.95030 NRN

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.95357
  • D1-C‑D 1.94743
  • H4-C‑D 1.93724

Mind­ful Trading

  • Feel­ing okay, slight­ly tired

Focus Points for trad­ing development

  • Month­ly Goals
    • Con­tin­ue track­ing my DRC track­ing sheet
    • Focus on my own progress and less on others
    • Feel­ing okay with NOT trading
    • Have ‘qui­eter’ weekends
  • Week­ly Goal
    • Min. 3 times hit­ting the gym
  • Trad­ing Rules
    • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
  • Risk Man­age­ment
    • 3 trades 1% risk, 3rd trade only if first 2 worked out
    • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING


Day trader. Tech geek. Sim racer/Pilot.

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