15 Jul 20210715 Premarket Prep GBPNZD
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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 made a HH and is currently trading above last week’s body and range
Non-conjecture observations of the market
- Price action
- Yesterday closed as a huge D1 Bear Engulf 1.8xADR and closed above W1-C‑D 1.96800 but below D1 QHi rejecting it.
- 2 rejections of H4 QLo with 2nd one a Bull Engulf giving H4-C‑D 1.96990 but still below D1 QHi but closed within newly formed H4 Supply at W1/MN Supply
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP 3/3
- Market Profile
- Value created below the 2‑day overlapping values
- Daily Range
- ADR: 1203
- ASR: 796
- 20
- Day
- Yesterday’s High 1.98910
- Yesterday’s Low 1.96747
Sentiment
- LN open
- Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing market. H4 closed as a Hammer after retracing to newly formed H4 C‑dem. Value is within supply. D1 QHi rejected and tested but trend is still up 3/3. Prev. Day 1.8xADR.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Failed Auction Long
- Hypo 2
- Failed Auction Short
- Hypo 3
- Sustained Auction Up, probably low initiative if any
- Hypo 4
- Auction Fade long, variation to Hypo 2 in case of I3 day.
- Hypo 5
- Value Rejection Down, sustained auction, risky due to open sentiment and trend, late-sustained auction could be favored.
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
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