Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 12212020

Premarket Prep GBPNZD 12212020

#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

  • Last week closed as an Inside Bar with Longer sell­ing wick

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Gap down trad­ing above D1 QLo
    • H4 clean arrival at H4-C‑D 1.87979 with reaction
    • H4 closed as an Inside Bar with longer buy­ing wick premarket
  • Mar­ket Profile
    • 2 day brack­et­ing range
    • ADR: 1608
    • ASR: 1256
      • 32
    • Day
      • Yes­ter­day’s High 1.90019
      • Yes­ter­day’s Low 1.88515


  • Loca­tions
    • H4-C‑S 1.89660 at VAL, ADR exhaus­tion & ADR 0.5 high near­by below VAL
    • H4-C‑D 1.87979 at ADR 0.5 low
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.0xASR
    • Sen­ti­ment
      • Large Imbal­ance with near­by H4 c‑dem. Price gapped down and with a clean arrival at H4 C‑dem we see an ini­tial reaction. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Pre­ferred: IB exten­sion up (momen­tum), sus­tained auction. 
  • Hypo 2 — Return to Value
    • H4 C‑sup at VAL
    • Pre­ferred: Price action rever­sal, failed auc­tion with quick follow-through
  • Hypo 3 — Trend Continuation
    • Pre­ferred: IB exten­sion down (momen­tum), sus­tained auction

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)
  • H4-C‑S 1.89660

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.87979

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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