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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210504

Premarket Prep GBPNZD 20210504

#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

  • Price trad­ing above last week’s Drag­on­fly Doji at W1 VWAP

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 RBR tak­ing out D1 demand react­ing off D1 VWAP in DT leav­ing behind a longer sell­ing wick
    • H4 Bear Engulf (clos­ing as a Marubozu) formed at pre­vi­ous H4-C‑S 1.93470 with no con­tin­u­a­tion to the move. Instead a H4 Three Out­side Up giv­ing H4-C‑D 1.93050
  • Trend: H4 Down, D1 Down, W1 Up
    • Pre­vail­ing trend: Trend is down. Although has reached a pre­vi­ous W1 demand and has seen some reaction.
      • Pre­mar­ket Trend changed to a Mixed Trend due to H4 chang­ing to Up. 
  • Mar­ket Profile
    • After a 5‑day brack­et a val­ue was cre­at­ed above the bracket
  • Dai­ly Range
    • ADR: 1047
    • ASR: 808
      • 20
    • Day
      • Yes­ter­day’s High 1.93521
      • Yes­ter­day’s Low 1.92496

Sen­ti­ment

  • Loca­tions
    • H4-C‑D 1.93050 below VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.3xASR
    • Pre­mar­ket
      • H4 Closed high­er. IB took out H4 supply. 
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. If IB doesn’t extend too far there could be momen­tum behind the move exhaust­ing ADR and thus we could poten­tial­ly see a uni­di­rec­tion­al day. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: 0.5xASR IBR, H4 sup­ply got tak­en out, 
    • Pre­ferred: Strong Bull­ish PA, IB exten­sion up, exhaust­ing ADR, sus­tained auc­tion close with­in H4 supply.
    • Con: H4-C‑S 1.94300 right above
  • Hypo 2 — Swing Reversal
    • Nar­ra­tive: vari­a­tion to Hypo 1
    • Pre­ferred: Strong Bear­ish Rever­sal at H4-C‑S 1.94300, failed auc­tion, pos­si­bly a TPO struc­ture or Sin­gle Print Fade
    • Con: Medi­um time­frame bull­ish narrative

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.94300

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.93050
  • H4-C‑D 1.92530

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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