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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 12102020

Premarket Prep GBPNZD 12102020

#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 Inside Bar.

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Morn­ing Star at MN-C‑D 1.89659 giv­ing D1-C‑D 1.89819, D1 phase 1 continued
    • H4 RBR with no fol­low-through, instead H4 Three Inside Down (giv­ing H4-C‑S 1.90471) return­ing to new D1 C‑dem. H4 Phase 1 con­tin­ued although con­tin­u­a­tion down clos­ing deep­er into demand.
  • Mar­ket Profile
    • 2 day brack­et­ing range with price cur­rent­ly with­in value
    • ADR: 1399
    • ASR: 1079
      • 28
    • Day
      • Yes­ter­day’s High 1.91056
      • Yes­ter­day’s Low 1.89060

Sen­ti­ment

  • Loca­tions
    • D1-C‑D 1.89819 inside val­ue near VAL, ADR 0.5 Low
    • H4 QLo below VAL with­in range
    • H4-C‑S 1.91275 at ADR exhaus­tion high, ADR 0.5 high
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.4 x ASR
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance. Still in over­all range. Pre­mar­ket and all of Asia trad­ed down exhaust­ing ADR before open which hap­pened around D1 C‑Dem. Due to being at the bot­tom of the range I am look­ing for a rever­sal going long. If price takes out demand around 1.89 there is still more demand below so short­ing seems more tricky.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Swing Rever­sal (Long)
    • Pre­ferred: Strong bull­ish price action with IB exten­sion up on momen­tum. Mon­i­tor for val­ue accep­tance and sus­tained auc­tion. Per­haps an IB exten­sion down with failed auc­tion higher. 
  • Hypo 2 — Swing Rever­sal (Short)
    • Vari­a­tion to Hypo 1
    • Pre­ferred: Val­ue rota­tion com­plet­ed fol­lowed by price action rever­sal at H4 C‑sup. Prefer­ably 4+ TPO struc­ture build up or sin­gle print fade. 
  • Hypo 3 — Respon­sive activity 
  • Hypo 4 — Trend Continuation
    • Although unfa­vor­able but due to W1 Inside Bar with longer sell­ing wick we could see see a con­tin­u­a­tion down. In case of a con­tin­u­a­tion I’d like to see a sus­tained auc­tion down tak­ing out demands. Best bet a low ini­tia­tive day. Still trad­ing into demand can be tricky to say the least. 

Addi­tion­al notes

  • Brex­it talks ongo­ing. No clear end in sight. Reports of “GBP weakening”.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.91275
  • H4-C‑S 1.90471

ZOIs for Pos­si­ble Long

  • MN-C‑D 1.89659
  • D1-C‑D 1.89819
  • 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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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