Bear Market Trader | Premarket Prep GBPNZD - London session
day trade, day trading, forex, FX, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,
post-template-default,single,single-post,postid-3835,single-format-standard,vcwb,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky,wpb-js-composer js-comp-ver-4.12,vc_responsive

Premarket Prep GBPNZD 12042020

Premarket Prep GBPNZD 12042020

#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 with­in last week’s body.

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf giv­ing D1-C‑D 1.89833 after react­ing off D1-C‑D 1.89128. Price still below D1 VWAP.
    • Took out H4-C‑S 1.89951 and closed deep into H4-C‑S 1.90363 (unclean arrival) cross­ing H4 50MA after hav­ing formed some demand giv­ing H4-C‑D 1.90216.
  • Mar­ket Profile
    • The ASR is too tight to trade. Price is trad­ing above val­ue after hav­ing below the brack­et­ing range.
    • ADR: 1287
    • ASR: 840
      • 22
    • Day
      • Yes­ter­day’s High 1.90739
      • Yes­ter­day’s Low 1.88941


  • Loca­tions
    • D1-C‑D 1.89833 at VAL just above MN C‑dem
    • H4-C‑D 1.90216 at VAH but high in dis­tri­b­u­tion curve (price seems to be in Phase 2 might see continuation. 
  • Sen­ti­ment
    • LN open
      • Above val­ue, Out­side Range
    • Open dis­tance to value
      • 0.2 x ASR
    • Sen­ti­ment
      • Slight imbal­ance. H4 closed as an inside bar retrac­ing over 50% of the pre­ced­ing bar. New­ly formed H4 C‑dem might prove reac­tive being at VAH (although high in dis­tri­b­u­tion curve) and we could form a H4 RBR. Going long would be safe if over­head sup­ply gets tak­en out at 1.90783. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Trend Continuation
    • Near VAH + H4 C‑dem
    • Pre­ferred strong bull­ish pat­tern and IB tak­ing out over­head sup­ply fol­lowed by IB exten­sion up (momen­tum). Sus­tained auction.
    • Con: Fri­day profit-taking
  • Hypo 2 — Val­ue Acceptance
    • Near prox­im­i­ty to val­ue. Near­by H4 C‑Sup. 
    • Pre­ferred: Ear­ly VAA. 
    • Con: LTF demand, mid h4 swing, D1 C‑dem at VAL

Addi­tion­al notes

  • ASR is slight­ly tight. 

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.90363

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.89833
  • 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.

No Comments

Post A Comment

The maximum upload file size: 128 MB. You can upload: image, audio, video, document, spreadsheet, interactive, text, archive, code, other. Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded. Drop files here