Premarket Prep GBPNZD 20210421 - Bear Market Trader
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Premarket Prep GBPNZD 20210421

Premarket Prep GBPNZD 20210421

#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 last week’s body low, pos­si­ble base in the mak­ing although still have a few days left

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price is trad­ing below the Inside Bar with long buy­ing wick cre­at­ed after react­ing off D1 sup­ply giv­ing an as of yet uncon­firmed D1-C‑S 1.94297 (would need one more day to confirm)
    • H4 Bull Engulf formed at H4-C‑D 1.93717 with no con­tin­u­a­tion high­er instead a mean­der­ing back down
  • Trend: H4 up, D1 down, W1 up
    • Pre­vail­ing trend: Mixed Trend
  • Mar­ket Profile
    • 2 slight­ly over­lap­ping val­ues after a UT
  • Dai­ly Range
    • ADR: 1282
    • ASR: 1007
      • 26
    • Day
      • Yes­ter­day’s High 1.94745
      • Yes­ter­day’s Low 1.93524


  • Loca­tions
    • H4-C‑D 1.93717 at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.1xASR
    • Pre­mar­ket
      • Slight break down from H4 con­sol­i­da­tion not a strong fin­ish­er at all
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Although due to the val­ue accep­tance dur­ing IB there might be a rota­tion down. A big con is H4 demand at VAL coin­cid­ing with H4 VWAP. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Val­ue Acceptance
    • Nar­ra­tive: Open sen­ti­ment and slight move down on H4 after ear­li­er H4 QHi was rejected
    • Pre­ferred: Ear­ly accep­tance and quick fol­low-through, mon­i­tor for a pos­si­ble break below val­ue tak­ing out demand 
    • Con: H4 demand at VAL
  • Hypo 2 — Return to Value
    • Nar­ra­tive: H4 demand at VAL, D1 Inside Bar with long buy­ing wick
    • Pre­ferred: 
    • Con: Trad­ing into supply
  • Hypo 3 — Respon­sive Activity

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.94900
  • D1-C‑S 1.94297 Unconfirmed

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.93717
  • D1-C‑D 1.92921

Mind­ful Trad­ing (lack of sleep?)

  • Again didn’t sleep the best so the focus is not on tak­ing trades unless some­thing real­ly jumps out. Oth­er­wise I will just sit and observe.

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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