Premarket Prep GBPNZD 20210527 - Bear Market Trader
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Premarket Prep GBPNZD 20210527

Premarket Prep GBPNZD 20210527

#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
    • In lock­down currently
  • 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 trad­ing below last week’s body and range at the bot­tom of the Month­ly body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed down in a Phase 4 not hav­ing reached D1-C‑D 1.92400
    • Price left a lit­tle buy­ing wick and is cur­rent­ly trad­ing with­in its range
    • H4 cre­at­ed some demand above H4 QLo through a pos­si­ble Phase 1 or 3
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up
  • Mar­ket Profile
    • Val­ues in DT
  • Dai­ly Range
    • ADR: 1213
    • ASR: 941
      • 24
    • Day
      • Yes­ter­day’s High 1.95867
      • Yes­ter­day’s Low 1.93364


  • Loca­tions
    • H4-C‑S 1.93707 at VAL
    • W1-C‑D 1.92794 at ADR exhaus­tion Low
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.24xASR
    • Pre­mar­ket
      • H4 closed as an invert­ed ham­mer almost tak­ing out H4 demand thena t the open this got tak­en out.
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Open with­in range after tak­ing out a H4 demand could mean a con­tin­u­a­tion to the move. Although trad­ing at H4 QLo there could be a push high­er. If there is an accep­tance of val­ue it would mean a shift in sen­ti­ment from bear­ish to bullish.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Con­tin­u­a­tion / Return to Value
    • Nar­ra­tive: pos­si­ble H4 phase 3, Open sen­ti­ment, H4 Bear Engulf and test of new Sup­ply giv­ing H4-C‑S 1.93707 and close down. LN open tak­ing out H4 demand. 
    • Pre­ferred: Strong Bear­ish PA, Pos­si­ble re-test of val­ue edge, IB exten­sion down, Sus­tained auc­tion to W1 demand (0.6xASR below), D1 demand (1xASR below).
    • Con: trad­ing at H4 QLo
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: open sen­ti­ment trad­ing at H4 QLo, pos­si­ble H4 phase 1
    • Pre­ferred: ear­ly accep­tance of val­ue with quick follow-through
    • Con: LTF sup­plies with­in val­ue as well as new­ly formed H4-C‑S 1.93707
  • Hypo 3 — Swing Rever­sal at W1D1
    • Nar­ra­tive: Vari­a­tion to Hypo 1
    • Pre­ferred: Strong Bull­ish PA at D1 demand with TPO struc­ture or fad­ing the auc­tion, Sin­gle Print Fade. 
    • Con: ADR exhaus­tion in the way

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.93707

ZOIs for Pos­si­ble Long

  • W1-C‑D 1.92794
  • D1-C‑D 1.92400

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


Day trader. Tech geek. Sim Racing Enthusiast.

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