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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 10202020

Premarket Prep GBPNZD 10202020

#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 get­ting clos­er to MN c‑sup
  • Price trad­ing reach­ing slight­ly over last week’s range, cur­rent­ly above body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed push­ing away from D1-C‑D 1.95422 tak­ing out H4-C‑S 1.95930 reach­ing for D1-C‑S 1.96409
    • Price formed a H4-C‑D 1.96010 BASE before cross­ing into H4 QHi and H4-C‑S 1.96566
    • H4 Phase 2
  • Mar­ket Profile
    • Over­lap­ping brack­ets again, with price at the top of the bracket
    • ADR: 1382
    • ASR: 1210
      • 31
    • Day
      • Yes­ter­day’s High 1.96265
      • Yes­ter­day’s Low 1.95094
      • Cur­rent­ly above val­ue, out­side range, 0.7xASR

Sen­ti­ment

  • Loca­tions
    • H4-C‑S 1.96566, D1-C‑S 1.96409 near ADR 0.5 out­side of range, with­in H4 QHi
    • H4-C‑D 1.96010 BASE at VAH
  • Sen­ti­ment
    • LN open
      • Above val­ue, out­side range
    • Open dis­tance to value
      • 0.9xASR
    • Sen­ti­ment
      • A mean rever­sion would be more prob­a­ble due open sen­ti­ment and near­ly reach­ing MN C‑Sup. How­ev­er, PA has shown some deter­mi­na­tion in the uptrend. Hav­ing said that H4 is still range bound but has breached UKC and dove into over­head sup­ply which could either mean over exten­sion in a range bound sce­nario or a break from range.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Mean Rever­sion (short)
    • Near C‑sup lines and open sentiment
    • Pre­ferred: PA rever­sal with IB exten­sion down, sus­tained auc­tion till VAH / H4-C‑D 1.96101 BASE area (although a return to this area could also mean a con­tin­u­a­tion down so will mon­i­tor for a poten­tial VAA
  • Hypo 2 — Return to Value
    • Hypo 1 + PA rever­sal Long + TPO struc­ture build up 
  • Hypo 3 — Con­tin­u­a­tion Long
    • Less like­ly but if there is momen­tum in a play up we could see HHs
    • Strong Bull­ish PA or per­haps a late sus­tained auc­tion entry

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.96566
  • D1-C‑S 1.96409

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.95422
  • H4-C‑D 1.96010 BASE

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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