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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210505

Premarket Prep GBPNZD 20210505

#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

  • Trad­ing with­in MN Bear­ish Inside Bar
  • Trad­ing above last week’s Doji’s body and range con­tin­u­ing reac­tion off W1-C‑D 1.92120

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 RBR with yes­ter­day clos­ing above D1 VWAP in DT leav­ing behind a very long sell­ing wick after react­ing off D1-C‑S 1.94900, D1 Phase 2
    • H4 con­sol­i­da­tion and Break Down at H4-C‑S 1.94650 (and H4 QHi) through a Bear Engulf (giv­ing H4-C‑S 1.94090 although high in dis­tri­b­u­tion curve) although with­out fol­low-through. Instead some demand was cre­at­ed above H4 UKC in R with near­by VWAP in UT
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed Trend after a down trend
  • Mar­ket Profile
    • Larg­er val­ue area cre­at­ed above over­all brack­et­ing range
  • Dai­ly Range
    • ADR: 1111
    • ASR: 854
      • 22
    • Day
      • Yes­ter­day’s High 1.94810
      • Yes­ter­day’s Low 1.93055

Sen­ti­ment

  • Loca­tions
    • H4-C‑S 1.94650 at VAH
    • H4-C‑S 1.94090 (high in dis­tri­b­u­tion curve) at VAL
    • H4-C‑D 1.93851 just below VAL
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Pre­mar­ket
      • H4-C‑D 1.93851 was con­firmed through H4 Three Inside Up
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket. There was a H4 Three Inside Up cre­at­ed pre­mar­ket just below VAL so there might be a bounce in the form of a Val­ue Rejec­tion Fail­ure of this lev­el. If price holds below in a sus­tained auc­tion price could reject value.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Nar­ra­tive: Open sen­ti­ment, bounce off H4-C‑D 1.93851
    • Pre­ferred: Strong rever­sal pat­tern off H4-C‑D 1.93851 and con­se­quent move higher
    • Con: an IB exten­sion and close below value
  • Hypo 2 — Val­ue Rejec­tion Up
    • Nar­ra­tive: Pos­si­ble con­tin­u­a­tion to D1 move higher
    • Pre­ferred: Strong Bull­ish PA with IB exten­sion up and close above VAH
    • Con: Pos­si­ble H4 Phase 3
  • Hypo 3 — Val­ue Rejec­tion Down
    • Nar­ra­tive: Pos­si­ble H4 Phase 3
    • Pre­ferred: Strong close below val­ue coin­cid­ing with an IB exten­sion down.
    • Con: Pos­si­ble con­tin­u­a­tion to D1 move higher

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.94900
  • H4-C‑S 1.94650
  • H4-C‑S 1.94090 (high in dis­tri­b­u­tion curve)

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.93050
  • H4-C‑D 1.92530
  • W1-C‑D 1.92120

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay but did not sleep enough last night

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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