Premarket Prep GBPNZD 20210324 - Bear Market Trader
day trade, day trading, forex, FX, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,

Premarket Prep GBPNZD 20210324

Premarket Prep GBPNZD 20210324

#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 took out W1 Sup­ply try­ing to break out from W1 50MA (still uncon­firmed as the week is not yet over), cur­rent­ly trad­ing with­in W1-C‑S 1.95321
  • Price has reached a Month­ly Sup­ply Base lev­el, near­ing MN-C‑S 1.97300

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price reached clean D1-C‑S 1.96738 below MN sup­ply, trad­ing with­in D1 QHi (very wide)
    • H4 Phase 2 through RBR giv­ing H4-C‑D 1.95620 BASE and nother base too high up in dis­tri­b­u­tion curve
    • Pre­mar­ket: H4 closed as an Inside Bar with buy­ing wick
  • Trend: H4 up, D1 up, W1 down
  • Mar­ket Profile
    • Val­ue was cre­at­ed above the over­all range
    • ADR: 1437
    • ASR: 888
      • 23
    • Day
      • Yes­ter­day’s High 1.96687
      • Yes­ter­day’s Low 1.94168


  • Loca­tions
    • H4-C‑D 1.95620 BASE with­in value
    • LTF demand at VAH
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.6xASR
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance. Open right below D1-C‑S 1.96738 and fair­ly close to VAH. Although larg­er time­frame bull­ish sen­ti­ment, price might try and reverse at the clean arrival of D1 C‑sup. Mod­er­ate imbal­ance indi­cat­ed there might be a con­tin­u­a­tion to the move before the short-term rever­sal happens. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 —  Return to Value
    • Nar­ra­tive: Larg­er time­frame bull­ish sen­ti­ment, H4 base demand with­in val­ue might not want to get touched and thus LTF demand at VAH might hold as a bounce point.
    • Pre­ferred: Strong Bull­ish Price action with IB exten­sion up (momen­tum, might be less like­ly), sus­tained auc­tion. A pos­si­ble could also be a test of val­ue below with­out clos­ing with­in, into fail­ing auc­tion and move high­er form­ing a Neu­tral Day.
    • Con: clean arrival at D1 C‑sup
  • Hypo 2 —  Respon­sive Activity
    • Nar­ra­tive: Larg­er time­frame bull­ish sen­ti­ment being squeezed at a D1 sup­ply lev­el, there might be some con­sol­i­da­tion before any fur­ther advancement. 
  • Hypo 3 — Val­ue Accep­tance / Swing Reversal
    • Nar­ra­tive: D1 Swing Rever­sal, D1 c‑sup
    • Pre­ferred: Price tak­ing out LTF demand, accept­ing val­ue with rota­tion hit­ting H4 base lev­el indi­cat­ing a pos­si­ble fur­ther con­tin­u­a­tion down. 
    • Con: Larg­er time­frame bull­ish sen­ti­ment, fur­ther LTF demand at VAL as well. 

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1.97300
  • D1-C‑S 1.96738
  • MN-C‑S 1.95708 BASE (coin­cides with W1 supply)
  • W1-C‑S 1.95321

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.95620 BASE
  • 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.

No Comments

Post A Comment