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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 11202020

Premarket Prep GBPNZD 11202020

#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

  • Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if possible. 

Com­pared against Week­ly Trad­ing Plan

  • Price arrived at and is trad­ing div­ing deep­er into demand W1-C‑D 1.92065 but still have 2 days to go

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Phase 1 / 3 (more like­ly 1 but with over­all mar­kets repo­si­tion­ing I will wait for a break from range) con­tin­ues with new­ly formed inside bar with long sell­ing wick (after react­ing off D1-C‑S 1.92401) at the bot­tom of the range
    • H4 Phase 1 / 3, H4 50MA at H4/D1 sup­plies has held up well as did under­ly­ing demand. Both test­ed mul­ti­ple times. Tri­an­gle for­ma­tion nar­row­ing near­ing apex.
  • Mar­ket Profile
    • Wide VA cre­at­ed. Brack­et­ing continues.
    • ADR: 1412
    • ASR: 972
      • 25
    • Day
      • Yes­ter­day’s High @ D1-C‑S 1.92404
      • Yes­ter­day’s Low @ D1-C‑D 1.91298

Sen­ti­ment

  • Loca­tions
    • Over­all rang­ing mar­ket. Trade extremes. 
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Inside Range
    • Open dis­tance to value
      • 0.1xASR
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance. Over­all mar­ket is rang­ing though. Price trad­ing at M30 QLo above D1-C‑D 1.91298 and due to close prox­im­i­ty to VAL we might see anoth­er sce­nario like yes­ter­day play out with which I will look for more con­fir­ma­tion using the M15/H1 com­bo. Hav­ing said that since we have been rang­ing for a while and VAs been expand­ing and retrac­ing, as well as pos­si­ble near­ing the apex of a tri­an­gle, and it being a Fri­day, we might see a break. Might… 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Swing Rever­sal (long)
    • Pre­ferred: Bull­ish PA, IB exten­sion up, sus­tained auc­tion, ear­ly val­ue acceptance
  • Hypo 2 — Return to Value
    • Pre­ferred: deep close into D1 demand with sus­tained auc­tion after IB exten­sion down. 

Addi­tion­al notes

  • Thurs­day & Friday
    • ECB Pres­i­dent Lagarde Speaks

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.92947
  • H4-C‑S 1.92739
  • D1-C‑S 1.92401
  • H4-C‑S 1.92355

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.91298

Mind­ful Trading

  • Feel­ing okay. Didn’t real­ly have the full focus on trad­ing this week (apart from Mon­day) due to per­son­al life get­ting in the way. Prac­tis­ing feel­ing okay to not trade is still one of my Month­ly goals. Feel I am doing pret­ty good with this. The mar­kets aren’t going any­where. Today, I might have to skip again.

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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