Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210303

Premarket Prep GBPNZD 20210303

#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 below last week’s body above W1 QLo

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 trad­ed low­er react­ing off D1 QHi clos­ing with­in W1 QLo leav­ing a long sell­ing wick. Pos­si­ble Phase 1 / 3.
    • Dur­ing NY there was a gap up that got smacked down hard. Not sure why. 
    • H4 Bear­ish Inside Bar at D1 QHi with some fol­low-through trad­ing with­in H4-C‑D 1.91540 with­in then a Bull Engulf clos­ing slight­ly above. Pos­si­ble Phase 1 / 3.
    • Pre­mar­ket: Con­tin­u­a­tion to the H4 Bull Engulf with long buy­ing wick
  • Trend: H4 Up, D1 Down, W1 Down
  • Mar­ket Profile
    • Val­ue cre­at­ed below pre­vi­ous day’s value
    • ADR: 1576
    • ASR: 1161
      • 30
    • Day
      • Yes­ter­day’s High 1.92465
      • Yes­ter­day’s Low 1.91170


  • Loca­tions
    • H4-C‑D 1.91540 with­in val­ue below PPOC
    • H4-C‑S 1.91955 at VAH with ADR 0.5 High above
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • Due to open with­in sen­ti­ment we can assume a bal­anc­ing mar­ket. Although the H4 con­tin­u­a­tion clos­ing high­er with long buy­ing wick could indi­cate a pos­si­bil­i­ty for more upside. The H4 sup­ply over­head has been test­ed mul­ti­ple times now so is not the strongest. Larg­er time­frame is still hint­ing for more bull­ish sen­ti­ment longer term. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Rejec­tion Up 
    • Nar­ra­tive: H4 price con­tin­u­a­tion high­er with long buy­ing wick after a bull engulf at demand and W1 QLo. Larg­er time­frame bull­ish sentiment.
    • Pre­ferred: A price con­sol­i­da­tion  at VAH and H4 C‑sup before clos­ing con­fi­dent­ly above val­ue coin­cid­ing with an IB exten­sion up and fol­lowed by a sus­tained auction. 
    • Con: Large sup­ply overhead
  • Hypo 2 — Bal­anc­ing Market
    • Nar­ra­tive: Open inside
    • Pre­ferred: play off near­by LTF and ADR levels
  • Hypo 3 — Val­ue Rejec­tion Down
    • Nar­ra­tive: D1 trad­ing low­er test­ing 200MA and sup­plies (although the fre­quent test is weak­en­ing said levels)
    • Pre­ferred: Ear­ly con­fi­dent close below val­ue coin­cid­ing with IB exten­sion down and sus­tained auction. 
    • Con: Larg­er time­frame bull­ish sentiment.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.92964
  • H4-C‑S 1.91955

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.91540
  • 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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