19 Jul 20210719 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
- W1 Bear Engulf with price currently trading within last week’s body
Non-conjecture observations of the market
- Price action
- Price trading within D1 demand
- H4 reacted off H4-C‑D 1.96518 and closed above H4 QLo
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- Flimsy 3‑day bracket
- Daily Range
- ADR: 1347
- ASR: 840
- 210
- Day
- Yesterday’s High 1.97794
- Yesterday’s Low 1.96259
Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.30xASR
- Narrative
- Moderate to Large Imbalance although gap down. H4 close above H4 QLo followed by a Bearish Inside Bar, possible consolidation. D1/W1 possible bearish sentiment.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Value Acceptance, sustained auction up
- Hypo 2
- Return to Value, VAL reversal
- Hypo 3
- Auction Fade Short, variation to hypo 1
- Hypo 4
- Auction Fade Long, variation to Hypo 2
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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