Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210413

Premarket Prep GBPNZD 20210413

#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
  • 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 at 50% mark of last week’s can­dle retrac­ing the Three Out­side Down

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf giv­ing D1-C‑D 1.94900 with price return­ing to D1 VWAP in UT pos­si­ble CAR although this same lev­el is coin­cid­ing with D1-C‑S 1.95933 BASE lev­el thus there could be a con­tin­u­a­tion to the move.
    • Mid D1 swing 
    • H4-C‑D 1.95532 BASE cre­at­ed after H4 VWAP in DT BO arriv­ing at H4 sup­ply coin­cid­ing with D1-C‑S 1.95934 BASE lev­el and H4 50MA in DT
    • Mid H4 swing
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: trend is up although price is get­ting some push back due to hit­ting larg­er time­frame supply
  • Mar­ket Profile
    • First val­ue cre­at­ed above pre­vi­ous val­ue in DT thus poten­tial­ly start­ing a UT
  • Dai­ly Range
    • ADR: 1051
    • ASR: 811
      • 21
    • Day
      • Yes­ter­day’s High 1.95670
      • Yes­ter­day’s Low 1.94486


  • Loca­tions
    • D1-C‑S 1.95934 BASE ADR 0.5 High
    • H4-C‑D 1.95532 BASE at VAH
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.5xASR
    • Pre­mar­ket
      • H4 closed slight­ly with­in H4 sup­ply after hit­ting D1 sup­ply base level. 
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance at the open it could go either way due to base lev­el being hit and open sen­ti­ment. ALthough with a H4 demand base lev­el at VAH this could also mean a short term reversal. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Value
    • Nar­ra­tive: D1 sup­ply base lev­el hit, close with­in H4 sup­ply, H4 demand base lev­el at VAH could keep price higher 
    • Pre­ferred: Strong Bull­ish price action with IB exten­sion up and sus­tained auc­tion. Pos­si­ble low/medium ini­tia­tive activ­i­ty due to trad­ing right into supply.
    • Con: H4 supply
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Negat­ing Hypo 1 would be an accep­tance of value
    • Pre­ferred: ear­ly acceptance 
    • Con: D1 sup­ply base hit

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.95934 BASE

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.95532 BASE
  • W1-C‑D 1.96978

Mind­ful Trading

  • Feel­ing tired — caution

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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