Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210302

Premarket Prep GBPNZD 20210302

#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 fund

Com­pared against Week­ly Trad­ing Plan

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

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 react­ed off D1-C‑S 1.92964 and D1 200MA and closed down at W1 QLo (not clos­ing with­in) with 
    • Price took out H4 sup­ply and cre­at­ed a new one through Bear Engulf giv­ing H4-C‑S 1.91955 clos­ing below D1 QHi with no fol­low-through. Instead some consolidation 
    • Pre­mar­ket: H4 broke up from con­sol­i­da­tion (at W1 QLo) clos­ing above new­ly formed H4-C‑S 1.91955 at D1 QHi
  • Trend: H4 Up, D1 Down, W1 Down
  • Mar­ket Profile
    • Val­ue was cre­at­ed on top of pre­vi­ous value
    • ADR: 1651
    • ASR: 1147
      • 29
    • Day
      • Yes­ter­day’s High 1.93232
      • Yes­ter­day’s Low 1.90848


  • Loca­tions
    • H4-C‑S 1.91955 at VAL with­in range
    • ADR exhaus­tion high at VAH but also D1-C‑S 1.92964 right there com­bined with LTF supply
    • ADR 0.5 High at VAL
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • DUe to the open inside we could see a bal­anc­ing mar­ket. Although the close inside was right at the open and H4 closed mak­ing a big bull­ish move. Thus we could see a con­tin­u­a­tion to the move although a bit tricky due to hav­ing to reach VAH and reject up clos­ing above D1 C‑sup tak­ing out LTF supply. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Nar­ra­tive: Bal­anc­ing mar­ket plus D1 c‑sup as well as LTF sup­ply at VAH
    • Pre­ferred: Play off near­by ADR and LTF levels
    • Con: big move premarket
  • Hypo 2 — Val­ue Rejec­tion Down
    • Nar­ra­tive: Due to the large sup­ply over­head plus D1 c‑sup we could see a rejec­tion down
    • Pre­ferred: con­fi­dent close below VAL with IB exten­sion down, sus­tained auction.
    • Con: mas­sive move premarket
  • Hypo 3 — Val­ue Rejec­tion Up
    • Nar­ra­tive: Mas­sive move pre­mar­ket retrac­ing more than yesterday’s D1 body and larg­er time­frame narrative. 
    • Pre­ferred: Take out of LTF sup­ply and clos­ing con­fi­dent­ly above VAH with IB exten­sion up and sus­tained auc­tion. Could be look­ing at a low/medium ini­tia­tive day.
    • Con: D1 C‑sup

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.92964
  • H4-C‑S 1.91955

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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