Bear Market Trader | Premarket Prep GBPNZD - London session
day trade, day trading, forex, FX, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,
post-template-default,single,single-post,postid-5500,single-format-standard,vcwb,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky,wpb-js-composer js-comp-ver-4.12,vc_responsive

Premarket Prep GBPNZD 20210423

Premarket Prep GBPNZD 20210423

#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 is trad­ing below last week’s body (with­in range) with one more day to go

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Three Inside Down at D1 VWAP CAR and then closed neu­tral with an equal­ly long-wicked spin­ning top with reac­tion off D1-C‑D 1.92921 (which has been test mul­ti­ple times) coin­cid­ing with D1 200MA but price is still mid D1 swing
    • H4 price fal­ter­ing but no clear-cut rever­sal (yet) at D1-C‑D 1.92921 although price has reached H4 QLo and react­ed slight­ly with­out a con­tin­u­a­tion (yet)
    • Pos­si­ble H4 Phase 1
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed trend after an Uptrend has hit a larg­er time frame supply
  • Mar­ket Profile
    • Even though slight­ly in DT we have now 3 val­ues over­lap­ping in a some­what of a flim­sy bracket
  • Dai­ly Range
    • ADR: 1335
    • ASR: 1003
      • 25
    • Day
      • Yes­ter­day’s High 1.93925
      • Yes­ter­day’s Low 1.92578


  • Loca­tions
    • H4-C‑D 1.93474 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.3xASR
    • Pre­mar­ket
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Price trad­ed high­er from D1 demand to VAL so there could be an accep­tance of val­ue, although with H4 c‑sup right there this doesn’t make for the best oppor­tu­ni­ty either. Per­haps a return to val­ue play could be good. D1 demand test­ed mul­ti­ple times. Val­ue show­ing a slow­down in move but D1 could go either way. W1 trad­ing down at W1 200MA could see more reac­tion oth­er­wise a con­tin­u­a­tion down could be possible. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Value
    • Nar­ra­tive: D1 demand test­ed mul­ti­ple times, Open sen­ti­ment, H4 c‑sup at VAL
    • Pre­ferred: Strong bear­ish PA, pos­si­ble failed auc­tion after a quick test of val­ue then extend­ing below form­ing a Neu­tral Day
    • Con: D1 demand below. 
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Open sen­ti­ment, D1 demand
    • Pre­ferred: Ear­ly accep­tance and quick follow-through
    • Con: H4 c‑sup right there at VAL
  • Hypo 3 — Respon­sive Activity

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.94297
  • H4-C‑S 1.93474

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.93717
  • D1-C‑D 1.92921

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay. Slept very long but nonethe­less will take it easy today. Sleep­ing long after mul­ti­ple days of sleep­ing too lit­tle doesn’t make up for it at once. 

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.

No Comments

Post A Comment

The maximum upload file size: 128 MB. You can upload: image, audio, video, document, spreadsheet, interactive, text, archive, code, other. Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded. Drop files here