21 Jul 20210721 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 trading within last month’s body
- W1 Bear Engulf with top of the range almost taking out W1 Supply. Price retraced to W1-C‑S 1.97725 and reacted but price is still trading within last week’s body at W1 demand.
Non-conjecture observations of the market
- Price action
- D1 Bull Engulf with no continuation, instead a spinning top with longer selling wick (that made a HH reacting off D1 QHi) was created.
- H4 Bullish Inside Bar created at W1 demand with no follow-through. Instead a Dragonfly Doji created within H4 QLo.
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- 5‑day bracketing range with price currently trading at its lows
- Daily Range
- ADR: 1213
- ASR: 965
- 25
- Day
- Yesterday’s High 1.98056
- Yesterday’s Low 1.96668
Sentiment
- LN open
- Below Value, Within Range,
- Open distance to value
- 0.04xASR
- Narrative
- 4
- Clarity (1–5, 5 being best)
- Moderate Imbalance. Bracketing range. H4 closed higher with a RBR.
- Hypo 1
- Value Acceptance, sustained auction up
- Hypo 2
- 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
- W1-C‑D 1.96800
- H4-C‑D 1.96518
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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