Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 12092020

Premarket Prep GBPNZD 12092020

#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 slight­ly below last week’s body.

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Phase 1 con­tin­ues with an Inside bar formed at MN-C‑D 1.89659 leav­ing a long buy­ing wick behind
    • H4 Phase 1/3 with messy price action and new­ly demand formed on top of exist­ing H4/D1 demand shared with new­ly formed sup­ply on top. 
    • New H4 Bear Engulf formed giv­ing H4-C‑S 1.89658 right on MN C‑Dem
  • Mar­ket Profile
    • Yesterday’s val­ue cre­at­ed on top of Monday’s after a val­ue rotation
    • ADR: 1371
    • ASR: 1072
      • 28
    • Day
      • Yes­ter­day’s High 1.90088
      • Yes­ter­day’s Low 1.88841


  • Loca­tions
    • ADR 0.5 Low at D1 C‑dem
    • ADR 0.5 High at H4 C‑sup
    • H4-C‑S 1.89658 at VAH
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1 x ASR
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance to almost bal­anc­ing. With prox­im­i­ty to val­ue and near­by D1 C‑dem it is more like­ly for a val­ue accep­tance. Even though pre­mar­ket price trad­ed down from the con­sol­i­da­tion we are still with­in the over­all range. 
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1 — Val­ue Acceptance
    • Pre­ferred: con­fi­dent close with­in val­ue tak­ing out LTF sup­ply leav­ing enough prof­it tar­get. Quick rotation. 
    • Con: New­ly formed H4 C‑sup at VAH
    • Hypo 1B — Vari­a­tion could be a rever­sal after rotation
    • Pre­ferred: Price action rever­sal and Failed Auc­tion. Or if IB rotates through a rever­sal with­in IB.
    • Hypo 1C — Con­tin­u­a­tion higher
    • Due to D1 price action we could see a con­tin­u­a­tion to the move
    • Pre­ferred: Takig out LTF sup­plies above VAH. Tak­ing out H4 Sup­ply. IB exten­sion up (momen­tum)
  • Hypo 2 — Trend Continuation
    • Pre­ferred: Strong rejec­tion from VAL clos­ing deep into under­ly­ing demand 

Addi­tion­al notes

  • Brex­it talks ongoing

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.91275
  • D1-C‑S 1.90483
  • H4-C‑S 1.89658

ZOIs for Pos­si­ble Long

  • MN-C‑D 1.89659
  • D1-C‑D 1.89128
  • H4-C‑D 1.88797

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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