Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210223

Premarket Prep GBPNZD 20210223

#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 trad­ing above last week’s body. Too ear­ly to say if we could be mak­ing a W1 RBR or Evening Star

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 formed a near-Doji with longer buy­ing wick after react­ing off D1-C‑D 1.91600, W1 QLo and D1 VWAP
    • H4 Bull Engulf after con­sol­i­da­tion giv­ing H4-C‑D 1.91865 with fol­low-through return­ing to D1 QHi and D1 VWAP pos­si­ble CAR although larg­er time­frame plus H4 price action could negate this.
    • Pre­mar­ket: Price trad­ed higher
  • Mixed Trend: H4 Down, D1 up, W1 down
  • Mar­ket Profile
    • 3 val­ues in DT with cur­rent­ly price trad­ing above value
    • ADR: 1153
    • ASR: 947
      • 25
    • Day
      • Yes­ter­day’s High 1.92188
      • Yes­ter­day’s Low 1.91450


  • Loca­tions
    • H4-C‑D 1.91865 with­in Val­ue at PPOC
    • D1-C‑D 1.91600 at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.4xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Price opened above val­ue after reject­ing W1/H4 QLo and H4 is mov­ing high­er. Although with D1 QHi and D1 VWAP (pos­si­ble CAR) as well as D1 C‑sup in the way we could see a reversal. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value 
    • Nar­ra­tive: W1/H4 QLo rejec­tion, pos­si­ble W1 RBR in the making
    • Pre­ferred: Pull­back to VAH with bull­ish price action, IB exten­sion up (momen­tum) and sus­tained auction
    • Con: D1-C‑S 1.92730
  • Hypo 2 — Swing Reversal
    • Nar­ra­tive: Ear­li­er D1 QHi rejec­tion, pos­si­ble W1 Evening Star in the making
    • Pre­ferred: Price action bear­ish rever­sal around D1 C‑sup IB exten­sion down. Mon­i­tor for val­ue acceptance
    • Con: Open sentiment
  • Hypo 3 — Trend Continuation
    • Nar­ra­tive: same as Hypo 1
    • Pre­ferred: Direct­ly trad­ing high­er tak­ing out LTF sup­plies clos­ing above D1 C‑sup with momen­tum exten­sion up.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.94113
  • D1-C‑S 1.92730

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.91865
  • 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


Day trader. Tech geek. Sim Racing Enthusiast.

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