Premarket Prep GBPNZD 20210322 - Bear Market Trader
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Premarket Prep GBPNZD 20210322

Premarket Prep GBPNZD 20210322

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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 is trad­ing with­in last week’s Inside Bar with long buy­ing wick

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear­ish Inside Bar with no follow-through
    • H4 Morn­ing Star with­in new­ly formed demand at H4-C‑D 1.93618 just below H4 QHi.
    • Pre­mar­ket: Closed as H4 Morn­ing Star above demand
  • Trend: H4 up, D1 down, W1 down
  • Mar­ket Profile
    • Val­ue cre­at­ed above pre­vi­ous val­ue although still trad­ing in over­all range
    • ADR: 1299
    • ASR: 880
      • 220
    • Day
      • Yes­ter­day’s High 1.94544
      • Yes­ter­day’s Low 1.93210


  • Loca­tions
    • H4-C‑S 1.93990 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.3xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Price trad­ing below H4 QHi with no fol­low-through instead demand was cre­at­ed in what is still a larg­er time­frame bull­ish sentiment. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Value
    • Nar­ra­tive: LTF sup­ply at H4 QHi and mod­er­ate imbal­ance open below
    • Pre­ferred: Strong bear­ish price action with IB exten­sion down, or IB exten­sion up with price rever­sal at VAL (near­by H4 c‑sup) into failed auction
    • Con: Due to trad­ing right into demand will be look­ing at a low/medium ini­tia­tive trad­ing day. 
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Fur­ther bal­anc­ing in the mar­ket with larg­er time­frame bull­ish sentiment.
    • Pre­ferred: Bull­ish price action tak­ing out LTF sup­ply, accept­ing val­ue with quick rotation.
    • Con: H4 QHi, H4-C‑S 1.93990 at VAL

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.94100
  • D1-C‑S 1.92964

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.93618
  • D1-C‑D 1.93214

Mind­ful Trading

  • Feel­ing a bit tired. Extra cau­tion is advised.

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 racer/Pilot.

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