Bear Market Trader | Premarket Prep GBPNZD - London session
day trade, day trading, forex, FX, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,

Premarket Prep GBPNZD 20210601

Premarket Prep GBPNZD 20210601

#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 work­ing out at home + manda­to­ry cardio
  • Trad­ing rules
    • Be mind­ful of DTTZs
    • Focus on tak­ing ONE trade a day. If I missed the first DTTZ then a trade needs to be tak­en on the 2nd DTTZ unless there is a high/medium ini­tia­tive activ­i­ty day.
    • Only price-action based exit rules (or if hit time stop comes earlier)
    • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
    • Buffer trades (prof­it tar­get >1R) are allowed and encouraged
    • 13 trades by the end of the month
  • No social media / mes­sen­ger apps / phone calls allowed dur­ing the trad­ing window
Click to Enlarge

Com­pared against Week­ly Trad­ing Plan

  • Cur­rent­ly trad­ing below last week’s body with­in range

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price is trad­ing with yesterday’s body and range test­ing over­head supply
    • H4 con­sol­i­da­tion and move high­er giv­ing H4-C‑D 1.95233 clos­ing below H4-C‑S 1.95531
    • Price trad­ing mid H4 swing
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP
  • Mar­ket Profile
    • Val­ue cre­at­ed below the previous
  • Dai­ly Range
    • ADR: 1251
    • ASR: 857
      • 22
    • Day
      • Yes­ter­day’s High 1.96000
      • Yes­ter­day’s Low 1.94896


  • Loca­tions
    • H4-C‑D 1.95233 with­in Value
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.31xASR
    • Pre­mar­ket
      • H4 Closed high­er slight­ly with­in H4 Supply
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Price test­ed new­ly formed D1 demand and closed above val­ue with mod­er­ate imbal­ance so there could be a con­tin­u­a­tion high­er. Trad­ing right into D1 sup­ply could be risky though. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Return to Value
    • Nar­ra­tive: Open sen­ti­ment, retest of new­ly formed D1 demand, Mid H4 swing com­ing from H4 QLo rejection
    • Pre­ferred: Strong Bull­ish PA with IB exten­sion up and sus­tained auc­tion pos­si­bly tak­ing out D1 Sup­ply End, pos­si­ble exten­sion below with test of val­ue edge in which case fad­ing the auc­tion or Sin­gle Print Fade and/or TPO struc­ture could be preferred
    • Con: Trad­ing right into D1 Supply
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: trad­ing right below D1 Sup­ply, open sentiment
    • Pre­ferred: ear­ly accep­tance and quick follow-through
    • Con: H4 demand with­in value
  • Hypo 3 — Swing Reversal
    • Nar­ra­tive: vari­a­tion to Hypo 1, (near­ly) pop­ping of D1 sup­ply at D1 QHi
    • Pre­ferred: TPO struc­ture and PA rever­sal. Pos­si­bly fad­ing the auc­tion or Sin­gle Print Fade.
    • Con: If D1 sup­ply does get popped there could be grounds for a continuation 
  • Hypo 4 — Respon­sive Activity

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.95531

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.95233
  • D1-C‑D 1.94889

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing a bit anx­ious so will be a bit care­ful. Also, with being the first day of the month I do not need to go wild on the first day.

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 13 trades by the end of the month
  • Week­ly Goal
    • Min. 3 times work­ing out at home + manda­to­ry cardio
  • 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 racer/Pilot.

No Comments

Post A Comment