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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210517

Premarket Prep GBPNZD 20210517

#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 body but with­in range

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price retrac­ing to D1-C‑S 1.95526 after hav­ing cre­at­ed some demand at D1-C‑D 1.94600
    • Price bounced off H4-C‑D 1.94250 after H4 VWAP in UT BD to now pos­si­bly CAR at D1-C‑S 1.95526 and H4 QHi
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed Trend
  • Mar­ket Profile
    • Val­ue cre­at­ed below the previous 
  • Dai­ly Range
    • ADR: 1268
    • ASR: 1006
      • 26
    • Day
      • Yes­ter­day’s High 1.95787
      • Yes­ter­day’s Low 1.94053

Sen­ti­ment

  • Loca­tions
    • D1-C‑S 1.95526 with­in Val­ue below VAH
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Pre­mar­ket
      • H4 trad­ed high­er to a poten­tial H4 VWAP in UT BD to CAR coin­cid­ing with D1-C‑S 1.95526
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket. ALthough with D1 sup­ply with­in val­ue there could be a val­ue rejec­tion down if it proves reactive. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Nar­ra­tive: Open sentiment
    • Pre­ferred: play off LTF SD and ADR lev­els, D1 C‑sup with­in value
    • Con: N.A.
  • Hypo 2 — Val­ue Rejec­tion Down
    • Nar­ra­tive: vari­a­tion to Hypo 1, D1 C‑sup with­in value
    • Pre­ferred: Pre­ferred a con­fi­dent close below VAL, IB exten­sion down
    • Con: 
  • Hypo 3 — Val­ue Rejec­tion Up
    • Nar­ra­tive: H4 Rally
    • Pre­ferred: Strong Close above VAH with coin­cid­ing IB exten­sion up
    • Con: Trad­ing right into D1 supply

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.95526

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.94600

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing tired so not going to force things

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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