Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 12082020

Premarket Prep GBPNZD 12082020

#fin­twit #order­flow #day­trad­ing pre­mar­ket­prep #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #GBPNZD 

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for 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. Unless there is a planned momen­tum trade.

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing with­in last week’s body.

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Phase 1 con­tin­ues with yes­ter­day clos­ing as Bear Engulf giv­ing D1-C‑S 1.90483 but with under­ly­ing D1-C‑D 1.89128 being reac­tive and clos­ing with a longer buy­ing wick.
    • Big Bull Engulf at H4-C‑D 1.88797 fol­lowed by consolidation
  • Mar­ket Profile
    • Yes­ter­day trad­ed below the pre­vi­ous day and cre­at­ed a wide val­ue area. Pos­si­ble volatil­i­ty pick up. Might be repo­si­tion­ing to make a move. ASR has widened as well. 
    • ADR: 1371
    • ASR: 931
      • 24
    • Day
      • Yes­ter­day’s High 1.90881
      • Yes­ter­day’s Low 1.88479


  • Loca­tions
    • ADR 0.5 low at VAH, near­by H4/D1 C‑dems
    • ADR exhaus­tion low at VAL, near­by H4/D1 C‑dems
    • ADR 0.5 high at D1 C‑sup
    • ADR exhaus­tion high above D1 C‑sup
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.5 x ASR
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance. With H4/D1 C‑dems at val­ue we could see a return to val­ue. Although due to H4 show­ing poten­tial for more down­side we could see an accep­tance with rota­tion through before any upside. 
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1 — Return to Val­ue (with or with­out a VAA)
    • Pre­ferred: IB take out LTF demand, price action rever­sal at VAH. Mon­i­tor for either IB exten­sion up or failed auc­tion in case of exten­sion down. Even with a val­ue accep­tance we could end of revers­ing. Mon­i­tor for TPO struc­ture build up and reversal
    • Con: val­ue accep­tance with follow-through
  • Hypo 2 — Reac­tive Activity
  • Hypo 3 — Trend Continuation
    • Pre­ferred: Strong Bull­ish price action, IB exten­sion up (momen­tum), sus­tained auction. 

Addi­tion­al notes

  • Brex­it talks ongoing

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.91275
  • D1-C‑S 1.90483
  • H4-C‑D 1.88797

ZOIs for Pos­si­ble Long

  • MN-C‑D 1.89659
  • D1-C‑D 1.89128

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


Day trader. Tech geek. Sim Racing Enthusiast.

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