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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210514

Premarket Prep GBPNZD 20210514

#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 still hold­ing above last week’s range with slight reac­tion off W1-C‑S 1.96840

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Inside Bar that retraced about 40–45% at D1 QHi and D1 UKC in R
    • H4 Bear Engulf at H4/D1 QHi, H4-C‑S 1.96286, although no con­tin­u­a­tion to the move. Price pulling back after hit­ting H4 VWAP in UT cre­at­ing some demand giving: 
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed Trend
  • Mar­ket Profile
    • Val­ues in UT although price cur­rent­ly trad­ing below value
  • Dai­ly Range
    • ADR: 1364
    • ASR: 957
      • 24
    • Day
      • Yes­ter­day’s High 1.96590
      • Yes­ter­day’s Low 1.95189

Sen­ti­ment

  • Loca­tions
    • H4-C‑S 1.96286 with­in Value
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.5xASR
    • Pre­mar­ket
      • H4 Bear Engulf just above H4 VWAP in UT
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance at the open. With H4 Bear Engulf made pre­mar­ket there could be a H4 VWAP in UT BD in line with the pos­si­ble H4 Phase 4.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Con­tin­u­a­tion / Return to Value
    • Nar­ra­tive: Open sen­ti­ment, IB trad­ed off LTF sup­ply with­in range, D1 Inside Bar clos­ing below D1 QHi, mixed trend and D1 UKC in R
    • Pre­ferred: Strong Bear­ish PA, IB exten­sion down with sus­tained auc­tion tak­ing out H4 demand, oth­er­wise a failed auc­tion after a test of val­ue edge (for a test of D1 QHi after rejection)
    • Con: Some demand cre­at­ed at H4 VWAP in UT 
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: D1 Inside Bar not entire­ly bear­ish, Pos­si­ble H4 VWAP in UT TC
    • Pre­ferred: Strong Bull­ish PA, IB exten­sion up clos­ing with­in val­ue, with quick follow-through
    • Con: H4 c‑sup with­in value 
  • Hypo 3 — Respon­sive Activity

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1.96840
  • H4-C‑S 1.96286

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.95500
  • H4-C‑D 1.94256

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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