Premarket Prep GBPNZD 20210311 - Bear Market Trader
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Premarket Prep GBPNZD 20210311

Premarket Prep GBPNZD 20210311

#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
  • Focus on time-based exits
  • Don’t look at M5 chart unless with­in the last hour of trad­ing window

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Sup­ply still intact with a D1 con­sol­i­da­tion with­in with a few sell­ing wicks
    • H4 demand tak­en out through a pos­si­ble H4 Phase 3, H4 DBD although still some buy­ers around as indi­cat­ed by the long buy­ing wicks. Price broke below H4 VWAP in UT near­ing H4 50MA and H4 demand (H4-C‑D 1.93000) although older.
    • Price trad­ing with­in H4/D1 QHi although W1 QLo was reject­ed earlier. 
    • Pre­mar­ket: H4 closed down at H4-C‑D 1.93000 and H4 50MA
  • Trend: H4 UP, D1 DOWN, W1 DOWN
  • Mar­ket Profile
    • 2 wide over­lap­ping val­ues created.
    • ADR: 1343
    • ASR: 1196
      • 30
    • Day
      • Yes­ter­day’s High 1.94370
      • Yes­ter­day’s Low 1.93296


  • Loca­tions
    • H4-C‑D 1.93000 with­in M30 QLo
    • H4-C‑S 1.94100 (old) at M30 QHi
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.7xASR
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance. LN opened at H4-C‑D 1.93000 but closed down with­in H4 demand price might con­tin­ue. Espe­cial­ly when con­sid­er­ing a pos­si­ble H4 Phase to 4 tran­si­tion and D1 con­sol­i­da­tion with long sell­ing wicks poten­tial­ly clos­ing down on the day break­ing down from consolidation. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Val­ue / Trend Continuation
    • Nar­ra­tive: Poten­tial D1 DBD nar­ra­tive, Pos­si­ble H4 phase 4
    • Pre­ferred: Strong bear­ish close in IB with exten­sion down tak­ing out H4 demand. Pos­si­ble IB exten­sion up react­ing off M30 VWAP in DT fol­lowed by a failed auction
    • Con: H4 demand, larg­er time­frame bull­ish sentiment
  • Hypo 2 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment not entire­ly ful­fill­ing a mean rever­sion although if price could tra­verse low­er dur­ing IB and form bull­ish price action we could see a mean rever­sion. Price trad­ing with­in M30 QLo. Per­haps an IB exten­sion to failed auction.
    • Pre­ferred: Price tra­vers­ing low­er dur­ing IB with Bull­ish price action clos­ing above M30 QLo fol­lowed by IB exten­sion up and sus­tained auction,
    • Con: Medi­um time­frame bear­ish sentiment.

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 1.93000
  • 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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