Premarket Prep GBPNZD 20210326 - Bear Market Trader
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Premarket Prep GBPNZD 20210326

Premarket Prep GBPNZD 20210326

#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 deep­er with­in W1-C‑S 1.95321 after hav­ing hit MN-C‑S 1.95708 BASE lev­el arriv­ing at MN-C‑S 1.97300

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 RBR formed giv­ing D1-C‑D 1.96432 BASE
    • H4 Bull Engulf and con­tin­u­a­tion high­er at D1 base demand lev­el, con­sol­i­da­tion at MN-C‑S 1.97300
  • Pre­mar­ket
    • H4 DBD at MN c‑sup
  • Trend: H4 up, D1 up, W1 down
    • Pre­vail­ing trend: the trend is up
  • Mar­ket Profile
    • 2‑day over­lap­ping values
  • Dai­ly Range
    • ADR: 1421
    • ASR: 893
      • 23
    • Day
      • Yes­ter­day’s High 1.97670
      • Yes­ter­day’s Low 1.96055


  • Loca­tions
    • D1-C‑D 1.96432 BASE with­in val­ue at PPOC
    • LTF demand with­in range above val­ue, pos­si­bly a good bounce point due to under­ly­ing D1 base level
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.5xASR
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance. Open sen­ti­ment indi­cates a pos­si­ble con­tin­u­a­tion although long­ing right into sup­ply is not the best espe­cial­ly after a clean arrival. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Open sen­ti­ment, LTF demand above VAH with D1 base demand lev­el with­in value
    • Pre­ferred: Strong bull­ish price action with exten­sion up, sus­tained auction.
    • Con: MN c‑sup, H4 DBD
  • Hypo 2 — Swing Rever­sal (uncon­firmed swing) / Val­ue Acceptance
    • Nar­ra­tive: Price hit­ting MN sup­ply lev­el, Fri­day prof­it-tak­ing, D1 supply
    • Pre­ferred: Strong bear­ish price action (although prob­a­bly not as strong, or price can be slow due to FPT). IB exten­sion down.
    • Con: Lots of demand with­in value

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

  • D1-C‑D 1.96432 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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