Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210301

Premarket Prep GBPNZD 20210301

#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 trade the main account

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing with­in last week’s body above W1 QLo

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Big D1 Bull Engulf after react­ing off MN-C‑D 1.89719 clos­ing above W1 QLo arriv­ing but clos­ing below D1 200MA
    • H4 Phase 1 tran­si­tion to 2 arriv­ing at H4-C‑S 1.92219 (and with­in H4 QHi) fol­lowed by trad­ing below said sup­ply and H4 Qhi
    • Pre­mar­ket: H4 closed as a DBD
  • Trend: H4 Down, D1 Down, W1 Down
  • Mar­ket Profile
    • Large (1.3xASR) val­ue area was cre­at­ed last Fri­day above the pre­vi­ous value
    • ADR: 1555
    • ASR: 1100
      • 28
    • Day
      • Yes­ter­day’s High 1.92884
      • Yes­ter­day’s Low 1.89381


  • Loca­tions
    • D1-C‑S 1.92964 at ADR 0.5 High and pre­vi­ous day’s high
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range (range equal to VAH)
    • Open dis­tance to value
      • 0.4xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Asia trad­ed slight­ly low­er. Due to larg­er time­frame bull­ish sen­ti­ment we might see a Return to Val­ue (pre­mar­ket trad­ed low­er) before con­tin­u­ing high­er. On the oth­er side a val­ue accep­tance could mean more bal­anc­ing on the short term plus it would be oppos­ing the move on Fri­day. Due to some con­ges­tion at PPOC this might prove a bit risky of an oppor­tu­ni­ty although the trend is down and price has moved low­er below H4 supply.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Swing Reversal
    • Nar­ra­tive: Medi­um time­frame range with price trad­ing at top lev­els might see a move to the oth­er side
    • Pre­ferred: Bear­ish price action with IB exten­sion down fol­lowed by val­ue acceptance
    • Con: Con­ges­tion at PPOC
  • Hypo 2 — Return to Value
    • Nar­ra­tive: Larg­er time frame bull­ish sen­ti­ment. Asia trad­ed slight­ly lower.
    • Pre­ferred: Bull­ish Price action with IB exten­sion up and sus­tained auc­tion. IB exten­sion down (test­ing VAH) with failed auc­tion might be a bet­ter oppor­tu­ni­ty as it clears some space to leave for a bet­ter prof­it target.
    • Con: Over­head H4 sup­ply, H4 QHi Rejec­tion, huge D1 bull engulf might see some retracement

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.92964
  • H4-C‑S 1.92219

ZOIs for Pos­si­ble Long

  • MN-C‑D 1.89719

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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