Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 10092020

Premarket Prep GBPNZD 10092020

#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 Focus Points

  • 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

Com­pared against Week­ly Trad­ing Plan

  • Near MN-C‑S 1.97330
  • W1 moved above last week’s range and QLo, could be form­ing RBR if Fri­day clos­es higher. 

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 messy phase 2. Yes­ter­day closed as a poten­tial Evening Star or Base but would need today to close to have confirmation. 
    • H4 Three Inside Down com­plete­ly retraced and no fol­low-through. Con­sol­i­da­tion instead with a DBD to VWAP. Pos­si­ble H4 Phase 3. 
    • H4 still above VWAP
  • Mar­ket Profile
    • Broke high­er from brack­et­ing range and formed VA above the pre­vi­ous but very near proximity
    • ADR: 1498
    • ASR: 1411
      • 36
    • Day
      • Yes­ter­day’s High 1.97267
      • Yes­ter­day’s Low 1.95690
      • Cur­rent­ly with­in value


  • Loca­tions
    • H4-C‑S 1.96582 above VAH, with­in range
    • ADR 0.5 Low just below VAL and H4 VWAP H4-C‑D 1.95532
  • Sen­ti­ment
    • LN open
      • Opened with­in val­ue at LTF demand and H4 VWAP
    • Open dis­tance to value
      • N.A.
    • Sen­ti­ment
      • Bal­anced mar­ket with H4-C‑D 1.95532 below VAL which might prove reac­tive for a fake out val­ue rejec­tion down. H4-C‑S 1.96582 above VAH for a sim­i­lar play. H4 formed an inside bar pre­mar­ket, could go either way. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Rejec­tion Failure
    • Long, H4-C‑D 1.95532 below VAL, H4 VWAP, ADR 0.5 Low
    • Pre­ferred: IB exten­sion down, price action rever­sal, failed auction
    • Con: tak­ing out of M30 demand pos­si­bil­i­ty for Hypo 2
    • Short, H4-C‑S 1.96582 above VAH, LTF supplies
    • Pre­ferred: IB exten­sion up, price action rever­sal, failed auction
  • Hypo 2 — Val­ue Rejec­tion Down
    • Pos­si­ble H4 Phase 3, H4 DBD, new inside bar formed pos­si­bil­i­ty for a new drop (or reversal)
    • Pre­ferred: M30 demand tak­en out, sus­tained auc­tion into H4 c‑dem
    • Con: H4 C‑Dem
  • Hypo 3 — Respon­sive activity
  • Hypo 4 — Val­ue Rejec­tion Up
    • H4 VWAP in DT being reactive
    • Pre­ferred: Bull Engulf, IB exten­sion up, sus­tained auc­tion clear­ing over­head LTF sup­plies. Prob­a­bly low ini­tia­tive activ­i­ty. Possibi
    • Cons: Where to begin 🙂 LTF sup­plies, H4 C‑Sup, MN C‑Sup

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.98128
  • H4-C‑S 1.97414
  • H4-C‑S 1.96582

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 Racing Enthusiast.

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