Categories
Premarket Prep GBPNZD 20210708 - Bear Market Trader
day trade, day trading, forex, FX, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,
6965
post-template-default,single,single-post,postid-6965,single-format-standard,vcwb,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky,wpb-js-composer js-comp-ver-4.12,vc_responsive
 

Premarket Prep GBPNZD 20210708

Premarket Prep GBPNZD 20210708

#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

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing above last week’s body but with­in range
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Pos­si­ble D1 RBR in the mak­ing fol­low­ing yesterday’s Hammer
    • H4 con­sol­i­da­tion and break high­er giv­ing H4-C‑D 1.96674 clos­ing deep­er into Supply.
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 3/3
  • Mar­ket Profile
    • Val­ue cre­at­ed extend­ed below with yesterday’s val­ue cre­at­ed above it. 
  • Dai­ly Range
    • ADR: 1182
    • ASR: 862
      • 22
    • Day
      • Yes­ter­day’s High 1.96945
      • Yes­ter­day’s Low 1.95940

Sen­ti­ment

  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.32xASR
  • Nar­ra­tive
    • Large imbal­ance. FF trad­ed high­er tak­ing out D1 sup­ply but run­ning into the next. Trend is UP. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Mean Rever­sion, sus­tained auc­tion down
  • Hypo 2
    • Return to Val­ue, Auc­tion Fade Long
  • Hypo 3
    • Failed Auc­tion Long, if mean rever­sion doesn’t work out in the first 2 hours

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1.96876
  • MN-C‑S 1.97293

ZOIs for Pos­si­ble Long

  • MN-C‑D 1.95263

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

No Comments

Post A Comment