22 Jul 20210722 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 with a reaction off newly formed MN-C‑D 1.95263
- Price trading within last week’s body trading above W1 demand at W1 VWAP in UT
Non-conjecture observations of the market
- Price action
- Weak D1 Three Outside Down formed at W1 demand reacting off D1 QHi closing above said demand
- H4 traded higher reacting off H4/W1 demand
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- After the 5‑day bracketing range a value was created below it but still within overall range
- Daily Range
- ADR: 1155
- ASR: 976
- 25
- Day
- Yesterday’s High 1.97257
- Yesterday’s Low 1.96295
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.35xASR
- Narrative
- Moderate to Large Imbalance. Open just above yesterday’s range. H4 closed trading higher, rejecting H4 QLo although still below D1 QHi.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, VAH Reversal, possible probe through value through Failed Auction long otherwise a sustained auction.
- Hypo 2
- Failed Auction Short, nearby W1 supply
- Hypo 3
- Value Acceptance
- Hypo 4
- Mean Reversion, Auction Fade Short, variation to Hypo 1
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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