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Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210520

Premarket Prep GBPNZD 20210520

#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
    • 1 trade per day min­i­mum (unless I missed the 1st DTTZ and the 2nd DTTZ is a con­tin­u­a­tion to the first)
      • 1R tar­gets allowed if con­di­tions are less than opti­mal (buffer trades allow for 0.5–0.8R profit-taking)
    • 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 arrived at W1 and MN sup­ply with a slight reac­tion mak­ing a HH over last week’s range

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 RBR giv­ing D1-C‑D 1.96000 BASE tak­ing out sup­ply arriv­ing at W1 sup­ply clos­ing slight within
    • H4 Bear Engulf (but with long buy­ing wick) and slight con­tin­u­a­tion down tak­ing out demand
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed Trend
  • Mar­ket Profile
    • Val­ue cre­at­ed above the over­all range with cur­rent­ly price trad­ing below yesterday’s value
  • Dai­ly Range
    • ADR: 1235
    • ASR: 938
      • 24
    • Day
      • Yes­ter­day’s High 1.97277
      • Yes­ter­day’s Low 1.95809

Sen­ti­ment

  • Loca­tions
    • W1-C‑S 1.96840 with­in val­ue at PPOC
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.2xASR
    • Pre­mar­ket
      • H4 closed down mak­ing a LL
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Price opened below val­ue, with­in range. H4 trad­ing down from W1 sup­ply there could be some fol­low-through to the move down. Although Asia trad­ed down this could poten­tial­ly be negat­ed since yes­ter­day trad­ed uni­di­rec­tion­al­ly up. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Open sen­ti­ment with reac­tion off W1 sup­ply and H4 trad­ing lower. 
    • Pre­ferred: Strong Bear­ish PA after poten­tial­ly test­ing VAL before extend­ing down with a sus­tained auc­tion. Pre­haps a failed auc­tion. Mon­i­tor for a poten­tial to hit D1 base demand for fur­ther continuation. 
    • Con: LTF demands in the way as well as H4 VWAP in UT
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: con­tin­u­a­tion to D1 rally
    • Pre­ferred: ear­ly accep­tance and quick follow-through
    • Con: W1 supply
  • Hypo 3 — Respon­sive Activity
    • Nar­ra­tive: poten­tial fail­ure to break below H4 QHi and devel­op­ing H4 Hammer

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1.97330
  • W1-C‑S 1.96840

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.96000 BASE

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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