20210716 Premarket Prep GBPNZD - Bear Market Trader
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20210716 Premarket Prep GBPNZD

20210716 Premarket Prep GBPNZD

#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 retraced last week’s body and is trad­ing at W1-C‑D 1.96800
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 retraced the pre­vi­ous large day but then closed as an Inside Bar with long sell­ing wick clos­ing below D1 QHi.
    • H4 Gap Down with fill but closed low­er and formed a Base at MN C‑Sup
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 2/3
  • Mar­ket Profile
    • 2‑day over­lap­ping val­ues with yes­ter­day being wide
  • Dai­ly Range
    • ADR: 1304
    • ASR: 868
      • 22
    • Day
      • Yes­ter­day’s High 1.98397
      • Yes­ter­day’s Low 1.96710

Sen­ti­ment

  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.39xASR
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. D1 closed as an Inside Bar with longer sell­ing wick. Trend is still up although 2/3 although sup­plies in the way long. D1 showed some reac­tion to W1 demand but with the long sell­ing wick there could be some consolidation. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Val­ue Accep­tance, although sup­ply with­in wide val­ue, pos­si­ble continuation
  • Hypo 2
    • Return to Val­ue, VAL rever­sal short, pos­si­ble failed auc­tion short
  • Hypo 3
    • Failed Auc­tion Long
  • Hypo 4
    • Sus­tained Auc­tion Short

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1.97725
  • MN-C‑S 1.97293

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.96990
  • W1-C‑D 1.96800
  • 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 Racing Enthusiast.

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