Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210305

Premarket Prep GBPNZD 20210305

#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 above last week’s body above W1 QLo with a buy­ing wick although no close yet. Today is the last day. 

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 trad­ed high­er and closed above D1 200MA deep­er into over­head sup­ply (that has been test­ed many times)
    • H4 Phase 2 reach­ing old sup­ply H4-C‑S 1.94100
    • Pre­mar­ket: H4 closed slight­ly high­er with longer buy­ing wick
  • Trend: H4 Up, D1 Down, W1 Down
  • Mar­ket Profile
    • Val­ue was cre­at­ed on top of the 2 day over­lap­ping values
    • ADR: 1563
    • ASR: 1173
      • 30
    • Day
      • Yes­ter­day’s High 1.1.93597
      • Yes­ter­day’s Low 1.91792


  • Loca­tions
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.1xASR
    • Nar­ra­tive
      • Large Imbal­ance. Although with D1 clos­ing what looks like con­fi­dent­ly above D1 200MA (thus might move on momen­tum) and into over­head sup­ply we might final­ly have that break out in line with larg­er time frame sen­ti­ment. Although the open sen­ti­ment may sug­gest a mean rever­sion first. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment and uni­di­rec­tion­al day yes­ter­day with today being Fri­day we might see some profit-taking. 
    • Pre­ferred: Bear­ish Price action, IB exten­sion down with sus­tained auc­tion till val­ue edge.
    • Con: No H4 demands in the way although LTF con­ges­tion might prove troublesome.
  • Hypo 2 — Trend Continuation
    • Nar­ra­tive: Might have momen­tum behind the upwards move that closed into sup­ply and above D1 200MA.
    • Pre­ferred: Strong Bull­ish price action with IB exten­sion up (momen­tum) and sus­tained auction.
    • Con: Due to still trad­ing with­in sup­ply we might see a low/medium ini­tia­tive activ­i­ty day. Non-farm lat­er today. 

Addi­tion­al notes

  • Non-farm lat­er today

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.94100 (old)
  • D1-C‑S 1.92964

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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