16 Jul 20210716 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 retraced last week’s body and is trading at W1-C‑D 1.96800
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
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