Premarket Prep GBPNZD 10132020 - Bear Market Trader
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Premarket Prep GBPNZD 10132020

Premarket Prep GBPNZD 10132020

#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

  • Price trad­ing above W1-C‑D 1.94836 Base and last week’s body but with­in range

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed back into over­head supply
    • H4 large bull engulf (giv­ing H4-C‑D 1.95875) reach­ing for H4-C‑S 1.96573, no fol­low-through, instead con­sol­i­da­tion with Bear Engulf with longer sell­ing wick
  • Mar­ket Profile
    • Brack­et­ing
    • ADR: 1362
    • ASR: 1299
      • 33
    • Day
      • Yes­ter­day’s High 1.96816
      • Yes­ter­day’s Low 1.95375
      • Cur­rent­ly above val­ue with­in range


  • Loca­tions
    • H4-C‑D 1.95875 BASE at VAH and ADR 0.5 low
    • H4-C‑D 1.95532 at VAL and LTF demand
  • Sen­ti­ment
    • LN open
      • Above val­ue, with­in range
    • Open dis­tance to value
      • 0.2xASR
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance, but com­ing off the rever­sal at range high and fol­low through from over­head sup­ply and H4 QHi we might see a con­tin­u­a­tion down. More con­fi­dence if we close below H4-C‑D 1.95875 BASE. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Accep­tance (short)
    • If ‘deep close’ I will wait for a retest of edge. Not much demand under­neath until VAL. 
  • Hypo 2 — Return to val­ue (long)
    • H4-C‑D 1.95875 at VAH and ADR 0.5 
    • Pre­ferred: PA rever­sal, slight exten­sion down, failed auc­tion and fol­low-through extend­ing over the top.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.96573
  • D1-C‑S 1.96399

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.95532

Mind­ful Trading

  • Feel­ing tired. Didn’t get ade­quate sleep. 

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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