Premarket Prep GBPNZD 20210308 - Bear Market Trader
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Premarket Prep GBPNZD 20210308

Premarket Prep GBPNZD 20210308

#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 

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Big Inside Bar fol­lowed by a doji with slight­ly longer buy­ing wick trad­ing with­in D1 sup­ply (test­ed mul­ti­ple times)
    • H4 con­sol­i­da­tion at H4 VWAP in UT
    • Pre­mar­ket: H4 broke up from Consolidation
  • Trend: H4 Up, D1 Down, W1 Down
  • Mar­ket Profile
    • Val­ues in UT
    • ADR: 1484
    • ASR: 1149
      • 29
    • Day
      • Yes­ter­day’s High 1.94170
      • Yes­ter­day’s Low 1.92728


  • Loca­tions
    • D1 Sup­ply End above ADR exhaustion 
    • ADR 0.5 High with­in val­ue at PPOC
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • With an open with­in val­ue we could see some bal­anc­ing. Although due to H4 break­ing up from con­sol­i­da­tion and larg­er time­frame bull­ish sen­ti­ment we could be in for a val­ue rejec­tion up. Over­head sup­ply has been test­ed many times and thus weak­er. With ADR exhaus­tion high not far away we could poten­tial­ly see a uni­di­rec­tion­al day. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Nar­ra­tive: Open with­in value
    • Pre­ferred: Play off near­by LTF SD and ADR levels. 
  • Hypo 2 — Val­ue Rejec­tion Up
    • Nar­ra­tive: Larg­er time­frame bull­ish sen­ti­ment. Weak­er sup­ply over­head. H4 Break higher. 
    • Pre­ferred: Ear­ly con­fi­dent rejec­tion coin­cid­ing with IB exten­sion fol­lowed by a sus­tained auction. 
    • Con: Poten­tial­ly low/medium ini­tia­tive activ­i­ty day due to over­head supply

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

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

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.92350

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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