Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 12222020

Premarket Prep GBPNZD 12222020

#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

  • Returned to W1 sup base lev­el and trad­ing higher

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 react­ing off D1 QLo and D1-C‑D 1.97549 return­ing to over­head sup­ply at D1-C‑S 1.89834
    • H4-C‑D 1.88690 formed through Bull Engulf, price cur­rent­ly trad­ing with­in H4 QHi react­ing sev­er­al times off H4-C‑S 1.89952 but still trad­ing higher
    • H4 closed deep­er into sup­ply premarket
  • Mar­ket Profile
    • Yes­ter­day formed a wide val­ue area and price moved higher
    • Yes­ter­day closed as a poor low that got tak­en out dur­ing NY
    • ADR: 1502
    • ASR: 1235
      • 31
    • Day
      • Yes­ter­day’s High 1.89963
      • Yes­ter­day’s Low 1.87809


  • Loca­tions
    • H4-C‑D 1.88690 at VAH
    • ADR 0.5 High, exhaus­tion near open
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.1xASR
    • Sen­ti­ment
      • Large Imbal­ance. Price has been force­ful trad­ing high­er deep­er into sup­ply. Asia took prices high­er so the mar­ket might be look­ing for a breather. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Pre­ferred: Bear­ish price action con­fir­ma­tion, IB exten­sion down, pos­si­ble IB exten­sion up before fail­ing and fol­low­ing through down. 
  • Hypo 2 — Return to Value
    • Pre­ferred: Price tak­ing out LTF demand dur­ing IB fol­lowed by bull­ish price action and IB exten­sion up
  • Hypo 3 — Trend Continuation
    • Pre­ferred: IB exten­sion up (momen­tum) with sus­tained auc­tion tak­ing out over­head H4 supply

Addi­tion­al notes

  • Brex­it talks are still on

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.89952 (near round number)
  • D1-C‑S 1.89834

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.88630

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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