Bear Market Trader | Premarket Prep GBPNZD - London session
day trade, day trading, forex, FX, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,

Premarket Prep GBPNZD 10082020

Premarket Prep GBPNZD 10082020

#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

  • Only trade off M30/M15 for entries. M30, time-based, or look for exits after 2 hours (4 TPOs). Unless the entry is real­ly late.
  • SL place­ment
    • Add spread for shorts, sub­tract for longs

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price tak­ing out H4/D1 supplies
    • H4-C‑D 1.95532 formed through bull engulf, phase 2, reached MN-C‑S 1.97330 (H4-C‑S 1.97414 just above) proved reac­tive closed with long sell­ing wick. Fol­lowed by H4 inside bar
  • Mar­ket Profile
    • Break high­er from brack­et­ing range
    • ADR: 1455
    • ASR: 1432
      • 36
    • Day
      • Yes­ter­day’s High 1.96571
      • Yes­ter­day’s Low 1.94839
      • Cur­rent­ly price above VAH, out­side range, above yesterday’s high

Com­pared against Week­ly Trad­ing Plan

  • W1 moved above last week’s range and QLo but ran into MN-C‑S 1.94330. 2 days left for a close. 


  • Loca­tions
    • H4-C‑D 1.95532 below VAH
    • ADR 0.5 and Exhaus­tion low at VAH
    • D1-C‑S 1.98128 above ADR exhaus­tion high
    • H4-C‑S 1.97414 above ADR 0.5 high
  • Sen­ti­ment
    • LN open
      • Above val­ue, out­side range
    • Open dis­tance to value
      • 0.6xASR
    • Sen­ti­ment
      • Due to larg­er time frame over­head sup­ply plus larg­er imbal­ance at the open I am lean­ing towards a mean rever­sion. A con for this sen­ti­ment is the sup­plies that got tak­en out yesterday.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Rever­sion (short)
    • H4-C‑S 1.97414, ADR 0.5 high
    • Pre­ferred: PA rever­sal with­in IB, IB exten­sion down (pos­si­ble momen­tum trade), sus­tained auc­tion, ADR exhaus­tion low hit, pos­si­ble val­ue accep­tance after but less like­ly due to H4-C‑D 1.95532 just below VAH.
  • Hypo 2 — Return to Val­ue (long)
    • Medi­um time­frame bull­ish sen­ti­ment, VAH + H4-C‑D 1.95532
    • Pre­ferred: IB exten­sion down, price action rever­sal, failed auction

Addi­tion­al notes

  • BOE Gov. Bai­ley speaks

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.98128
  • H4-C‑S 1.97414

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.95532
  • D1-C‑D 1.94746

Mind­ful Trading

  • Feel­ing okay

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.

No Comments

Post A Comment