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Premarket Prep GBPNZD 20210309 - Bear Market Trader
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Premarket Prep GBPNZD 20210309

Premarket Prep GBPNZD 20210309

#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 near­ing W1 50MA in DT coin­cid­ing with W1-C‑S 1.95442

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf with long sell­ing wick that neared D1 Sup­ply End but did not take out sup­ply, trad­ing above D1 200MA
    • H4 Bear Engulf at H4-C‑S 1.94100 (test­ed mul­ti­ple times) with no fol­low-through Instead a RBR clos­ing with­in sup­ply. Price above H4 VWAP in UT
    • Pre­mar­ket: H4 closed high­er from H4-C‑D 1.93783
  • Trend: H4 Up, D1 Down, W1 Down
  • Mar­ket Profile
    • Val­ues in UT
    • ADR: 1476
    • ASR: 1190
      • 30
    • Day
      • Yes­ter­day’s High 1.94632
      • Yes­ter­day’s Low 1.92743

Sen­ti­ment

  • Loca­tions
    • H4-C‑D 1.93783 below VAL with­in range
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket. Although with the larg­er time­frame bull­ish sen­ti­ment as well as H4 trad­ing high­er we could final­ly see that D1 sup­ply get tak­en out. 
  • Clar­i­ty (1–5, 5 being best)
  • Hypo 1 — Val­ue Rejec­tion Up
    • Nar­ra­tive: Larg­er time­frame bull­ish sen­ti­ment, H4 trad­ing high­er above H4 VWAP in UT, sup­ply been test­ed mul­ti­ple times.
    • Pre­ferred: Ear­ly con­fi­dent close above VAH tak­ing out LTF sup­ply, take out D1 sup­ply, IB exten­sion up sus­tained auc­tion and exhaust­ing ADR
    • Con: Might see a low/medium ini­tia­tive day due to trad­ing right into supply
  • Hypo 2 — Bal­anc­ing Market
    • Nar­ra­tive: Open with­in value
    • Pre­ferred: Play off near­by LTF SD and ADR lev­els, H4 C‑dem right below VAL
    • Con: larg­er time­frame bull­ish sen­ti­ment makes short­ing riskier
  • Hypo 3 — Val­ue Rejec­tion Down
    • Nar­ra­tive: D1 Bull ENgulf long sell­ing wick still some sell­ers around these levels
    • Pre­ferred: Ear­ly con­fi­dent close below VAL tak­ing out LTF demands, IB exten­sion down coin­cid­ing with rejec­tion and sus­tained auction.
    • Con: Larg­er time­frame bull­ish sen­ti­ment. H4 C‑dem right below VAL.

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 1.93783
  • 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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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