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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210512

Premarket Prep GBPNZD 20210512

#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 has made a HH as opposed to last week’s range and tak­en out D1 Supply

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price trad­ed high­er and closed below D1-C‑S 1.94900 yes­ter­day although is cur­rent­ly trad­ing with­in D1 supply
    • Price has not (yet) reached D1 QHi
    • H4 Phase 1 (reac­cu­mu­la­tion) below H4 QHi with some demand H4-C‑D 1.94256 cre­at­ed at H4 UKC in R through a bull engulf
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed Trend. After the ini­tial DT price has moved high­er although not (yet) chang­ing the trend.
  • Mar­ket Profile
    • Val­ues are in UT
  • Dai­ly Range
    • ADR: 1230
    • ASR: 922
      • 23
    • Day
      • Yes­ter­day’s High 1.94848
      • Yes­ter­day’s Low 1.93964

Sen­ti­ment

  • Loca­tions
    • H4-C‑D 1.94256 with­in val­ue at PPOC
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.9xASR
    • Pre­mar­ket
      • H4 Closed high­er into H4 QHi not yet reached D1 QHi.
    • Nar­ra­tive
      • Large Imbal­ance at the open. Asia has trad­ed high­er so Lon­don could take it down. Although ADR exhaus­tion high is just above LTF sup­ply so if hit there could be a con­tin­u­a­tion to the D1 Bull­ish Nar­ra­tive and also not hav­ing arrived at D1 QHi. A mean rever­sion could be pos­si­ble but a Return to Val­ue would be more in line with the D1 narrative.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment, near­by H4 Sup­ply plus D1 sup­ply end
    • Pre­ferred: Strong Bear­ish PA with IB exten­sion down or a failed auc­tion in case of an exten­sion up.
    • Con: If ADR gets exhaus­tion, D1 narrative
  • Hypo 2 — Return to Value
    • Nar­ra­tive: D1 bull­ish nar­ra­tive, H4 demand with­in value
    • Pre­ferred: IB exten­sion down to LTF demand above VAH, strong bull­ish PA, pos­si­ble Failed Auc­tion or Sin­gle Print Fade if there is not TPO structure.
    • Con: 
  • Hypo 3 — Trend Continuation
    • Nar­ra­tive: D1 Bull­ish Nar­ra­tive almost tak­ing out D1 Sup­ply, ADR exhaus­tion nearby. 
    • Pre­ferred: Strong Bull­ish PA, sus­tained auc­tion exhaust­ing ADR and tak­ing out D1 Supply
    • Con: Pos­si­ble Reac­tion off pop­ping the D1 Supply

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.95883
  • D1-C‑S 1.94900

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.94256
  • D1‑C‑D 1.92400
  • H4-C‑D 1.92030

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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