Bear Market Trader | Premarket Prep GBPNZD - London session
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Premarket Prep GBPNZD 20210607

Premarket Prep GBPNZD 20210607

#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
    • 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

  • Price trad­ing with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Slight con­tin­u­a­tion on D1 after the Bear­ish Inside Bar giv­ing D1-H4-C‑S 1.96312
    • H4 Bear Engulf giv­ing H4-C‑S 1.97125 with con­tin­u­a­tion down clos­ing below H4 QHi still trad­ing with­in D1 QHi
    • H4-C‑S 1.96312 cre­at­ed (although low in dis­tri­b­u­tion curve)
    • Pos­si­ble H4 Phase4
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP
  • Mar­ket Profile
    • Val­ues in UT with price cur­rent­ly trad­ing below
  • Dai­ly Range
    • ADR: 1272
    • ASR: 840
      • 21
    • Day
      • Yes­ter­day’s High 1.97817
      • Yes­ter­day’s Low 1.96229


  • Loca­tions
    • H4-C‑S 1.97125 at VAL with­in range
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.37xASR
    • Pre­mar­ket
      • H4 demand tak­en out in line with Phase 4.
    • Nar­ra­tive
      • Large Imbal­ance at the open con­ducive to a mean rever­sion. Although with 1.37xASR there could be strength behind the move as H4 seems to be in Phase 4 and a pos­si­ble D1 DBD in the making.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sentiment
    • Pre­ferred: Strong Bull­ish PA extend­ing above IB, sus­tained auc­tion to val­ue edge
    • Con: Pos­si­ble H4 Phase 4, pos­si­ble D1 DBD in the making
  • Hypo 2 — Trend Continuation
    • Nar­ra­tive: Pos­si­ble H4 Phase 4, pos­si­ble D1 DBD in the making
    • Pre­ferred: Strong Bear­ish PA, IB exten­sion down, 
    • Con: H4 demand near­by, Larg­er time­frame slight­ly bull­ish sentiment
  • Hypo 3 — Return to Value
    • Nar­ra­tive: Vari­a­tion to Hypo 1, W1/H4 sup­ply and H4 QHi below VAL
    • Pre­ferred: IB exten­sion up to LTF demand at W1/H4 Sup­ply lev­els, strong bear­ish PA, pos­si­ble TPO struc­ture or Sin­gle Print Fade, mon­i­tor for a failed auction
    • Con: Larg­er time­frame slight­ly bull­ish sentiment

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1.97125
  • W1-C‑S 1.96876
  • D1-H4-C‑S 1.96312

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.95738
  • D1-C‑D 1.95239

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

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 Racing Enthusiast.

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