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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210222

Premarket Prep GBPNZD 20210222

#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

  • Price retraced to new­ly formed W1 C‑Dem and W1 QLo

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear Engulf giv­ing D1-C‑S 1.92730
    • H4 Phase 4 then con­sol­i­da­tion at D1-C‑D 1.91600 before tak­ing out new­ly formed H4 demand and slight con­tin­u­a­tion down — no arrival at W1-C‑D 1.91185
    • Pre­mar­ket: H4 Inside Bar above D1-C‑D 1.91185 and H4 QLo
  • Mixed Trend: H4 Down, D1 up, W1 down
  • Mar­ket Profile
    • Over­lap­ping brack­ets with Fri­day hav­ing cre­at­ed a wider val­ue area
    • ADR: 1255
    • ASR: 929
      • 25
    • Day
      • Yes­ter­day’s High 1.93800
      • Yes­ter­day’s Low 1.91658

SSen­ti­ment

  • Loca­tions
    • D1-C‑S 1.92730 is with­in val­ue just above POC and ADR exhaus­tion / 0.5 high
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.5xASR
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance. Not quite at mean rever­sion unless we could duck below D1 c‑dem before revers­ing. With a huge D1 Bear Engulf (tak­ing prof­it on Fri­day) and larg­er time frame bull­ish sen­ti­ment still, we could prob­a­bly see a retest of new­ly formed D1 C‑sup.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Swing Reversal
    • Nar­ra­tive: H4 price fal­ter­ing at D1 C‑dem and H4 QLo clos­ing as an inside bar pre­mar­ket we could see a push high­er form­ing a H4 Three Inside Up.
    • Pre­ferred: Strong bull­ish price action tak­ing out LTF sup­plies, IB exten­sion up accept­ing val­ue, sus­tained auction.
    • Con: some new H4 sup­ply above 
  • Hypo 2 — Return to Value
    • Nar­ra­tive: D1 phase 4 continuation
    • Pre­ferred: Ear­ly move to val­ue edge with bear­ish price action rever­sal either fail­ing auc­tion or with­in IB range. 
    • Con: in line with Friday’s move plus larg­er time­frame sentiment

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.94113
  • D1-C‑S 1.92730

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.91600
  • W1-C‑D 1.91185

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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