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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210503

Premarket Prep GBPNZD 20210503

#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
  • Trad­ing rules
    • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
    • Only price-action based exit rules (or if hit time stop comes earlier)
      • Oth­er­wise a Bart Simp­son exercise

Com­pared against Week­ly Trad­ing Plan

  • Last week closed as a Drag­on­Fly Doji above W1 QLo and W1 VWAP

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Pos­si­ble D1 Phase 1 above D1 QLO around D1 200MA in R
    • Pos­si­ble H4 Phase 1 trad­ing between H4-C‑S 1.92900 and H4-C‑D 1.9253 trad­ing at H4 QLo
  • Trend: H4 Down, D1 Down, W1 Up
    • Pre­vail­ing trend: Trend is Down
  • Mar­ket Profile
    • 5‑day brack­et. Bal­anc­ing Market.
  • Dai­ly Range
    • ADR: 1064
    • ASR: 887
      • 23
    • Day
      • Yes­ter­day’s High 1.93080
      • Yes­ter­day’s Low 1.92063

Sen­ti­ment

  • Loca­tions
    • H4-C‑D 1.92530 at VAH
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.3xASR
    • Pre­mar­ket
      • H4 Bull­ish Inside Bar but with longer sell­ing wick react­ing off H4 supply
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance at the open. Open Above val­ue with a mod­er­ate imbal­ance in a 5‑day brack­et­ing range cou­pled with a pos­si­ble H4/D1 phase 1 could poten­tial­ly mean a move high­er. Although D1/H4 sup­ply would need to get tak­en out first before any such direc­tion­al state­ment can be made confidently.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Open sen­ti­ment, H4 c‑dem at VAH
    • Pre­ferred: Strong Bull­ish PA, IB exten­sion up with a sus­tained auction
    • Con: 5‑day brack­et­ing range trad­ing into H4 sup­ply could see a rever­sal with­in over­all range
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Open sen­ti­ment with­in over­all brack­et­ing range at the high
    • Pre­ferred: Ear­ly Accep­tance with quick follow-through
    • Con: Demand with­in Value
  • Hypo 3 — H4 Swing Rever­sal (vari­a­tion to 1)
    • Nar­ra­tive: Tak­ing out H4 demand at 1st DTTZ, hit­ting H4-C‑S 1.93470 revers­ing around 2nd DTTZ
    • Pre­ferred: Strong Bear­ish PA rever­sal at H4-C‑S 1.93470, per­haps a TPO struc­ture buildup or sin­gle print fade
    • Con: tak­ing out H4 supply

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.93470
  • H4-C‑S 1.92900

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.92530
  • H4-C‑D 1.92040

Mind­ful Trad­ing (lack of sleep?)

  • 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
    • Trad­ing rules
      • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
      • Only price-action based exit rules (or if hit time stop comes earlier)
        • Oth­er­wise a Bart Simp­son exercise
  • Risk Man­age­ment
    • With­out forc­ing a trade: aim to take 1 trade a day, if pos­si­ble 2. 
    • 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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