Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210317

Premarket Prep GBPNZD 20210317

#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 ham­mer (although a slight sell­ing wick present) after react­ing off D1 VWAP in UT
    • H4 Bull Engulf after react­ing off H4-C-D1.92362 with con­tin­u­a­tion high­er return­ing to H4-C‑S 1.93372 with some reac­tion although still trad­ing high­er cur­rent­ly test­ing H4 VWAP.
    • Pre­mar­ket: Took out H4-C‑S 1.93372 trad­ing higher
  • Trend: H4 Down, D1 Down, W1 Down
  • Mar­ket Profile
    • Val­ues in DT
    • ADR: 1162
    • ASR: 899
    • Day
      • Yes­ter­day’s High 1.93324
      • Yes­ter­day’s Low 1.92330


  • Loca­tions
    • H4-C‑S 1.92964 with­in H4 QHi
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.9xASR
    • Nar­ra­tive
      • Large Imbal­ance. Open sen­ti­ment might war­rant a mean rever­sion after H4 has trad­ed much high­er. Price trad­ing with­in H4 QHi could war­rant this as well with trend being down. Although larg­er time­frame is still bull­ish until we have a sig­nif­i­cant close show­ing the opposite. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Rever­sion / Swing Reversal
    • Nar­ra­tive: Open sen­ti­ment, price with­in H4/M30 QHi,
    • Pre­ferred: Strong Bear­ish price action, IB exten­sion down with sus­tained auc­tion. Low/medium ini­tia­tive per­haps due to lots of LTF demands.
    • Con: Larg­er time­frame still bullish 
  • Hypo 2 — Trend Continuation
    • Nar­ra­tive: Larg­er time­frame bull­ish sentiment
    • Pre­ferred: Strong bull­ish price action, IB exten­sion up with sus­tained auction
    • Con: Sup­ply overhead

Addi­tion­al notes

  • FOMC lat­er today. Extra cau­tion is advised. 

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.93372
  • D1-C‑S 1.92964

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.93208 BASE

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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