Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 12032020

Premarket Prep GBPNZD 12032020

#pre­mar­ket­prep #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #day­trad­ing #trade­plan #trad­ing­plan #trad­ing­forex #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 trad­ing below last week’s body with no W1 demand in imme­di­ate proximity

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed down slight­ly deep­er into under­ly­ing demand D1-C‑D 1.89128
    • H4 Phase 1 through con­sol­i­da­tion with weak fin­ish­er plus price is still trad­ing below H4 VWAP
  • Mar­ket Profile
    • The ASR is too tight to trade. Price is trad­ing above val­ue after hav­ing below the brack­et­ing range.
    • ADR: 1242
    • ASR: 824
      • 21
    • Day
      • Yes­ter­day’s High 1.90183
      • Yes­ter­day’s Low 1.88706


  • Loca­tions
    • H4-C‑D 1.89269 at VAH and D1-C‑D 1.89128 at PPOC
    • MN-C‑D 1.89659 at ADR 0.5 High
    • ADR exhaus­tion high at yesterday’s high with H4-C‑S 1.90363 nearby
    • H4-C‑D 1.88801 below VAL inside range
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Inside Range
    • Open dis­tance to value
      • 0.0 x ASR
    • Sen­ti­ment
      • Bal­anc­ing mar­ket. LN open right at VAH and H4/D1 C‑dems at val­ue we could see a quick rota­tion in case of val­ue accep­tance before trad­ing high­er. In case of a hold below H4-C‑D 1.88801 we could see a con­tin­u­a­tion down.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Val­ue Acceptance
    • Pre­ferred: Ear­ly accep­tance with quick rotation. 
  • Hypo 2 — Swing Reversal
    • Last H4 can­dle closed as a pos­si­ble BASE, cur­rent­ly an Inside Bar. With price open­ing just above VAH (near­by H4/D1 C‑dems) we could see a move high­er if:
    • Pre­ferred: strong M30 rever­sal pat­tern to the slight move down pre-mar­ket. Sus­tained auc­tion. Tak­ing out LTF supply. 

Addi­tion­al notes

  • ASR is kin­da tight. 

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.90363
  • H4-C‑S 1.89951

ZOIs for Pos­si­ble Long

  • MN-C‑D 1.89659
  • H4-C‑D 1.89269
  • D1-C‑D 1.89128
  • H4-C‑D 1.88801

Mind­ful Trading

  • Didn’t sleep well last night but 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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