Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210225

Premarket Prep GBPNZD 20210225

#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 below last week’s body with­in W1 QLo (no close yet) 

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 huge bear engulf­ing after react­ing off over­head sup­ply and D1 200MA giv­ing D1-C‑S 1.91955 clos­ing above MN-C‑D 1.89745 with­in W1 QLo with slight reac­tion off D1-C‑D 1.89878
    • Mid D1 swing
    • Clean arrival at H4 QLo formed an Inside Bar and some demand
    • Pre­mar­ket: H4 closed as bear engulf
  • Trend: H4 Down, D1 Down, W1 Down
  • Mar­ket Profile
    • Price trad­ing below value
    • ADR: 1365
    • ASR: 964
      • 25
    • Day
      • Yes­ter­day’s High 1.93137
      • Yes­ter­day’s Low 1.89608


  • Loca­tions
    • N.A.
  • Sen­ti­ment
    • LN open
      • Below Value,Outside Range
    • Open dis­tance to value
      • 1.2xASR
    • Nar­ra­tive
      • Large Imbal­ance. Yes­ter­day we had a uni­di­rec­tion­al day and today’s open shows a large imbal­ance that we could pos­si­bly have some form of a mean rever­sion. If we do hold below and take out new­ly formed demand we could see a con­tin­u­a­tion to the move. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment, H4 QLo, D1/MN C‑dem
    • Pre­ferred: Bull­ish price action with IB exten­sion up and sus­tained auc­tion. Tar­get around VAL although some LTF con­ges­tion along the way.
    • Con: H4 bear engulf premarket
  • Hypo 2 — Respon­sive activity
    • Nar­ra­tive: H4 con­sol­i­da­tion continued
  • Hypo 3 — Trend Continuation
    • Nar­ra­tive: Con­tin­u­a­tion to D1 move
    • Pre­ferred: Ear­ly tak­ing out of new­ly formed demand, IB exten­sion down (momen­tum) sus­tained auction.
    • Con: Large Imbal­ance at the open as well as D1/MN c‑dem below. 

Addi­tion­al notes

  • Last two days of the month so might not trade at all. 

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.94113
  • D1-C‑S 1.92730

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.89878

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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