Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 12232020

Premarket Prep GBPNZD 12232020

#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
    • Fol­low-through on D1 move high­er react­ing to over­head sup­ply leav­ing behind a longer sell­ing wick trad­ing slight­ly with­in supply
    • H4 Three Out­side Down at H4-C‑S 1.90486 (coin­cid­ing with H4 200MA) with no fol­low-through. Instead new demand cre­at­ed through H4 Inside Up giv­ing H4-C‑D 1.89547
    • H4 closed as Bear Engulf at D1 C‑sup pre­mar­ket giv­ing new H4-C‑S 1.89920
  • Mar­ket Profile
    • Price returned to pre­vi­ous over­all bracket
    • ADR: 1431
    • ASR: 1233
      • 31
    • Day
      • Yes­ter­day’s High 1.90680
      • Yes­ter­day’s Low 1.89133


  • Loca­tions
    • H4-C‑S 1.90486 at ADR 0.5 high above VAH
    • H4-C‑D 1.89547 below VAL near ADR 0.5 low
    • H4-C‑S 1.89920 with­in val­ue near VAL
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Sen­ti­ment
      •  Bal­anc­ing Mar­ket. Although due to new­ly formed H4 C‑sup we could see a rejec­tion down. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Mar­ket / Val­ue Rejec­tion Failure
    • Play off near­by ADR 0.5, LTF SD ZOIs
  • Hypo 2 — Val­ue Rejec­tion Down
    • Pre­ferred: Con­fi­dent close below VAL, IB exten­sion Down with sus­tained auc­tion. Prob­a­ble low/medium ini­tia­tive activity

Addi­tion­al notes

  • Brex­it talks are still on

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.90486
  • H4-C‑S 1.89920

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.89547

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 racer/Pilot.

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