Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210325

Premarket Prep GBPNZD 20210325

#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 arrived at MN-C‑S 1.95708 BASE almost at MN-C‑S 1.97300
  • Price arrived at W1-C‑S 1.95321 and trad­ing within

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed as a spin­ning top (neu­tral) after react­ing off D1-C‑S 1.96738
    • H4 show­ing signs of price slow­ing down and is trad­ing between new­ly devel­oped sup­ply and demand.
    • Pre­mar­ket: H4 trad­ed down and closed as an Invert­ed Hammer
  • Trend: H4 up, D1 up, W1 down
    • Pre­vail­ing trend: Trend is up so longs are more favored.
  • Mar­ket Profile
    • Val­ue was cre­at­ed on top of pre­vi­ous value
  • Dai­ly Range
    • ADR: 1354
    • ASR: 883
      • 23
    • Day
      • Yes­ter­day’s High 1.96955
      • Yes­ter­day’s Low  1.95888


  • Loca­tions
    • D1-C‑S 1.96738 above val­ue, with­in range, with­in M30QHi
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket. Price had a ral­ly fol­lowed by slow­ing down at D1 C‑sup lev­el as shown through H4 price action. With an open inside val­ue price could con­tin­ue bal­anc­ing before pick­ing a direc­tion. H4 base lev­el below VAL could get hit with a val­ue rejec­tion down which could indi­cate more down­side. Trend is up though so longs are more favored although some sup­ply has been formed.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Nar­ra­tive: H4 price slow down, open inside value
    • Pre­ferred: Play off near­by LTF SD and ADR levels.
    • Con: Trend is up
  • Hypo 2 — Val­ue Rejec­tion Up
    • Nar­ra­tive: Trend is up, larg­er time­frame bull­ish sentiment
    • Pre­ferred: Strong Bull­ish price action coin­cid­ing with IB break above VAH, sus­tained auc­tion, although might see a failed auc­tion due to over­head supply. 
    • Con: hit D1 supply
  • Hypo 3 — Val­ue Rejec­tion Down
    • Nar­ra­tive: Poten­tial D1 Three Out­side Down at D1 C‑sup
    • Pre­ferred: Strong Bear­ish price action coin­cid­ing with IB break below VAL, sus­tained auc­tion hit­ting H4 base demand level. 
    • Con: Trend is up, larg­er time­frame bull­ish sentiment

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-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 Racing Enthusiast.

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