Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210216

Premarket Prep GBPNZD 20210216

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #GBPNZD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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

  • Only take trades accord­ing to a hypo unless there are mul­ti­ple con­di­tions met

Com­pared against Week­ly Trad­ing Plan

  • W1 Bull Engulf clos­ing above W1 QLo negat­ing any low­er time frame QHi

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 price made HHs not tak­ing out over­head sup­ply (yet)
    • Price took out old H4 sup­ply and cre­at­ed a new one through a H4 Evening star and DBD giv­ing H4-C‑S 1.92376 at D1 QHi
    • Pre­mar­ket: H4 closed react­ing off new­ly formed H4-C‑S 1.92376 and D1 QHi form­ing a Grave­stone Doji (with long sell­ing wick) at H4-C‑D 1.92072
  • Trend: H4 up, D1 up, W1 down
  • Mar­ket Profile
    • Wide val­ue area cre­at­ed on top of brack­et­ing range
    • ADR: 1098
    • ASR: 899
      • 23
    • Day
      • Yes­ter­day’s High 1.92638
      • Yes­ter­day’s Low 1.91723


  • Loca­tions
    • ADR 0.5 Low at LTF demand below val­ue with­in range
    • LTF sup­plies near VAH
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • Right at VAL
    • Nar­ra­tive
      • Bal­anc­ing mar­ket. Will look to play off near­by ADR and LTF SD levels.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Pre­ferred: Play off near­by ADR and LTF SD lev­els, prefer­ably lev­els below due to larg­er time frame bull­ish sentiment
  • Hypo 2 — Val­ue Rejec­tion Down
    • Nar­ra­tive: H4 con­sol­i­da­tion and break down, M30 DBD (2n drop Bear Engulf)
    • Pre­ferred: Ear­ly close below VAL, IB exten­sion down
    • Con: Larg­er time frame bull­ish sentiment
    • Vari­a­tion: D1 c‑dem at W1 QLo
    • Pre­ferred: IB exten­sion down fol­lowed by rever­sal pat­tern and failed auction

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.92939
  • H4-C‑S 1.92376

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.92072
  • D1-C‑D 1.91538
  • W1-C‑D 1.91185
  • MN-C‑D 1.89745

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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