Premarket Prep GBPNZD 20210408 - Bear Market Trader
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Premarket Prep GBPNZD 20210408

Premarket Prep GBPNZD 20210408

#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

  • Min. 3 times hit­ting the gym + manda­to­ry cardio
    • Went yes­ter­day but no cardio
  • Only trade the main account
  • Be mind­ful of DTTZs
  • Only price-action based exit rules (or if hit time stop comes earlier)
  • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ

Com­pared against Week­ly Trad­ing Plan

  • Trad­ing below last week’s Inside Bar — pos­si­ble W1 Three Out­side Down in the making

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Phase 3 at D1 QHi took out demand with yes­ter­day clos­ing as a long-legged doji (longer sell­ing wick with high test­ing new­ly formed D1-C‑S 1.96852) at D1 VWAP in DT (pos­si­ble BD)
    • H4 Bull Engulf (as part of the retest of D1 C‑sup) and con­se­quent consolidation
    • Price trad­ing below H4 VWAP in DT
  • Trend: H4 up, D1 up, W1 down
    • Pre­vail­ing trend: Trend is up although trad­ing at larg­er time­frame supply
  • Mar­ket Profile
    • Val­ue cre­at­ed below the previous
  • Dai­ly Range
    • ADR: 1088
    • ASR: 831
      • 21
    • Day
      • Yes­ter­day’s High 1.96640
      • Yes­ter­day’s Low 1.95384


  • Loca­tions
    • D1-C‑S 1.96852 Above VAH with val­ue rid­dled with LTF supplies
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.2xASR
    • Pre­mar­ket
      • H4 break down from con­sol­i­da­tion still trad­ing with­in demand. Although with D1 pos­si­bly form­ing a DBD price could see a con­tin­u­a­tion to the move. LTF mov­ing low­er from VAL. 
    • Nar­ra­tive
      • 4
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Pos­si­ble D1 DBD, H4 break down from consolidation
    • Pre­ferred: Strong Bear­ish Price action, 2nd chance entry per­haps, IB exten­sion down with sus­tained auction
    • Con: Trad­ing with­in new­ly formed H4 demand but per­haps weak
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Pos­si­ble D1 Morn­ing Star, D1 VWAP in UT
    • Pre­ferred: Ear­ly Accep­tance and quick follow-through
    • Con: Tight val­ue area rid­dled with LTF supplies

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.96852

ZOIs for Pos­si­ble Long

  • W1-C‑D 1.96978

Mind­ful Trading

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Feel­ing okay with NOT trading
    • Have ‘qui­eter’ weekends
  • Week­ly Goal
    • Min. 3 times hit­ting the gym + manda­to­ry cardio
    • Only trade the main account
    • Be mind­ful of DTTZs
    • Only price-action based exit rules (or hit time stop)
    • M15/M30 com­bi­na­tion at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • 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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