Premarket Prep GBPNZD 20210323 - Bear Market Trader
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Premarket Prep GBPNZD 20210323

Premarket Prep GBPNZD 20210323

#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 arriv­ing at W1-C‑S 1.95442 and MN-C‑S 1.95078 BASE

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price took out D1 sup­ply and QHi form­ing a new swing with price arriv­ing a new D1 QHi after hav­ing made a D1 Bull Engulf with long buy­ing wick giv­ing D1-C‑D 1.93561.
    • Asia took price high­er tak­ing out D1 sup­ply. H4 UKC/VWAP in R with price trad­ing above UKC with­in H4 QHi near­ing W1-C‑S 1.95442 and old H4 sup­ply (first touch since ear­ly November)
    • Pre­mar­ket: Price took out W1 sup­ply and exhaust­ed ADR
  • Trend: H4 up, D1 up, W1 down
  • Mar­ket Profile
    • Val­ue cre­at­ed below pre­vi­ous but still with­in over­all range
    • ADR: 1334
    • ASR: 887
      • 23
    • Day
      • Yes­ter­day’s High 1.94267
      • Yes­ter­day’s Low 1.92585


  • Loca­tions
    • D1-C‑D 1.93561 at VAL
    • W1-C‑S 1.95442 at ADR exhaus­tion high
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 2.1xASR
    • Nar­ra­tive
      • Large Imbal­ance. Due to the large imbal­ance in the mar­ket and exhaus­tion of ADR cou­pled with tak­ing out of W1 sup­ply as well as hit­ting a Month­ly base sup­ply lev­el I believe there could be more upside. Per­haps even a uni­di­rec­tion­al day. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: W1 sup­ply tak­en out. ADR exhaus­tion hit. Large Imbal­ance at the open could be momen­tum behind the push. 
    • Pre­ferred: Strong Bull­ish Price action with IB exten­sion up (momen­tum) and sus­tained auction
    • Con: Asia trad­ed high­er, large imbal­ance at the open might see some mean rever­sion as there is still some W1 sup­ply there. 
  • Hypo 2 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment, W1 supply
    • Pre­ferred: Strong Bear­ish price action with IB exten­sion down.
    • Con: Larg­er time frame bull­ish sen­ti­ment. Trend H4,D1 up. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1.95708 BASE (coin­cides with W1 supply)

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.93561

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 racer/Pilot.

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