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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210415

Premarket Prep GBPNZD 20210415

#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

  • Price trad­ing deep­er into W1-C‑D 1.93978 not tak­en out W1 Demand End (yet) though price hit W1 200MA in UT for a first test after a BO

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Last two days have been uni­di­rec­tion­al with yes­ter­day tra­vers­ing 240 pips
    • D1 Closed as a big Three Out­side Down (giv­ing D1-C‑S 1.94900) deep into D1-C‑D 1.93581 halt­ing at D1 200MA
    • H4 phase 4 tak­ing out demands  with­in H4 QLo with price slow­ing down with­in H4-C‑D 1.93183 near­ing the take out of H4 swing low
  • Trend: H4 down, D1 up, W1 up
    • Pre­vail­ing trend: Trend is Up although after reach­ing a larg­er time­frame sup­ply area there was a reac­tion and price pulled back to a medi­um time­frame demand area. 
  • Mar­ket Profile
    • Val­ue cre­at­ed below 2‑day over­lap­ping values
  • Dai­ly Range
    • ADR: 1186
    • ASR: 892
      • 23
    • Day
      • Yes­ter­day’s High 1.95115
      • Yes­ter­day’s Low 1.92728

Sen­ti­ment

  • Loca­tions
    • W1 demand end coin­cid­ing with D1 LKC in UT but D1 QLo is still fur­ther below
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.8xASR
    • Pre­mar­ket
      • Con­tin­u­a­tion and sup­ply formed at H4-C‑S 1.92997 BASE tak­ing out H4 demand arriv­ing at H4-C‑D 1.92354.
    • Nar­ra­tive
      • Large Imbal­ance at the open. H4 Phase 4 con­tin­ued almost tak­ing out W1 demand. If it gets popped price might bounce back before con­tin­u­ing lower. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: D1/H4 Phase 4, open sen­ti­ment could show strength behind the move
    • Pre­ferred: Strong Bear­ish price action, not too wide IB range, IB exten­sion (momen­tum)  tak­ing out W1 demand, pos­si­ble bounce from IB low after pop of demenad
    • Con: Trad­ing right into H4/D1/W1 demand
  • Hypo 2 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment tra­vers­ing to mean rever­sion lev­el, medium/higher time­frame demand
    • Pre­ferred: strong bull­ish price action, IB exten­sion up or failed auction
    • Con: H4/D1 narrative

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.94900
  • H4-C‑S 1.92997 BASE

ZOIs for Pos­si­ble Long

  • W1-C‑D 1.96978
  • D1-C‑D 1.93581
  • H4-C‑D 1.92354

Mind­ful Trading

  • Feel­ing okay but a lit­tle on edge. Best to be cau­tious today.

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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