Premarket Prep GBPNZD 12172020 - Bear Market Trader
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Premarket Prep GBPNZD 12172020

Premarket Prep GBPNZD 12172020

#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 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. Unless there is a momen­tum play.

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing with­in last week’s body test­ing W1-C‑S 1.89500 BASE (round number)

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Dai­ly closed slight­ly high­er (@VWAP) leav­ing a slight­ly longer sell­ing wick behind. 
    • H4 Bear Engulf reject­ing pre­vi­ous H4-C‑S 1.90471 (near round num­ber) with con­se­quent fol­low-through return­ing to H4-C‑D 1.89358 (and H4 VWAP in UT) with unclean arrival
    • H4 closed as a con­sol­i­da­tion premarket
  • Mar­ket Profile
    • 2nd day of a wide val­ue area cre­at­ed, this time on top of Tuesday’s (Mon, Tue bracketing)
    • ADR: 1639
    • ASR: 1392
      • 35
    • Day
      • Yes­ter­day’s High 1.90923
      • Yes­ter­day’s Low 1.89106


  • Loca­tions
    • H4-C‑D 1.89358 near VAL with­in range
    • D1-C‑S 1.89847 with­in val­ue at PPOC
    • H4-C‑S 1.90471 at VAH
    • ADR 0.5 Low at yesterday’s low (not ses­sion low)
    • ADR 0.5 High above VAH and H4-C‑S 1.90471
  • Sen­ti­ment
    • LN open
      • With­in value
    • Open dis­tance to value
      • N.A.
    • Sen­ti­ment
      • Bal­anc­ing market
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing market
    • Play off near­by LTF SD ZOIs or ADR 0.5
  • Hypo 2 — Val­ue Rejec­tion Down
    • Pre­ferred: Close below VAL and H4 QHi (prefer­ably clos­ing deep into H4 demand), IB exten­sion down with sus­tained auction
    • Con: H4 demand in the way
  • Hypo 3 — Val­ue Rejec­tion Up (unlike­ly)
    • Pre­ferred: A close deep into over­head demand

Addi­tion­al notes

  • Brex­it talks are still on

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.89847 (near round number)
  • H4-C‑S 1.90471 (near round number)

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.89358
  • H4-C‑D 1.87971

Mind­ful Trading

  • Feel­ing okay but going through some­thing per­son­al. Might decide not to trade unless real­ly clear on a pos­si­ble setup. 

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 racer/Pilot.

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