Premarket Prep GBPNZD 06082020 - Bear Market Trader
day trade, day trading, forex, trade plan, trading plan, GBP NZD, GBPNZD, premarket prep, pre-market prep,
2482
post-template-default,single,single-post,postid-2482,single-format-standard,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky
 

Premarket Prep GBPNZD 06082020

Premarket Prep GBPNZD 06082020

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.

Non-con­jec­ture obser­va­tions of the market

  • Small Dai­ly Sup­ply D1-C‑S 1.94672 NEW cre­at­ed just above Demand
  • Mar­ket Profile
    • HK opened above its val­ue and trad­ed higher
    • Price is above LN val­ue after hav­ing been in a down­trend last week
    • M30/H1 Demand align­ing with LN VAH

Com­pared against Week­ly Trad­ing Plan

  • HK hav­ing trad­ed above val­ue my sen­ti­ment is now slight­ly bullish

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.94672 NEW
  • H4-C‑S 1.95355
  • H4-C‑D 1.96375

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.94803
  • H4-C‑D 1.94537
  • M30-C‑D 1.94733

Focus Points for trad­ing development

  • Exit rules
    • Option 1: Time-based stop
    • Option 2: Tar­get hit (SL (98/4) 25 pips + spread or x2 TP)
    • NO OPTION 3
      • UNLESS a trade is entered with­in 1 hour or half hour before the hard exit rule option 1
  • Entry rules
    • Cut off look­ing for trades at 11:15
    • Entry on TPO break of IB
    • Ear­ly entry with price action con­fir­ma­tion at 
      • H4 con­ter­mi­nous
      • Open far from val­ue, antic­i­pat­ing a move back to val­ue using an engulf­ing + sub­se­quent break of TPO
    • Min. X2 R/R
    • Use TPO con­fir­ma­tion or inval­i­da­tion for direc­tion­al deci­sions by look­ing for in con­junc­tion with H4 con­ter­mi­nous lines
      • TPO exten­sion with a sus­tained move (BO from IB)
      • TPO exten­sion with failed auc­tion (return to IB)
      • How this direc­tion of TPO exten­sion relates to Val­ue Area open sentiment
T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim Racing Enthusiast.

No Comments

Post A Comment