20210802 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:

GBPNZD 2021 Week 31 Trad­ing Plan

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The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing at the top of last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Bear Engulf with no continuation
  • Price trad­ing below H4 VWAP although has cre­at­ed two con­se­quent demands on top of each other
  • Price trad­ing with­in H4/D1 QHi
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP
• Mar­ket Profile
  • Flim­sy 3‑day bracket 
• Dai­ly Range
  • ADR: 1100
  • ASR: 752
    • 19
  • Day
    • Yes­ter­day’s High 1.99680
    • Yes­ter­day’s Low 1.99030

Sen­ti­ment

• LN open
  • Above Val­ue, With­in Range
• Open dis­tance to value
  • 0.11xASR
• Nar­ra­tive
  • Mod­er­ate Imbal­ance. With a flim­sy brack­et­ing range there might be more bal­anc­ing before any direc­tion­al move. At the time of writ­ing val­ue has already been accepted. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Val­ue Acceptance
• Hypo 2
  •  Auc­tion Fade Long, vari­a­tion to Hypo 1
• Hypo 3
  •  Failed Auc­tion Long
• Hypo 4
  • Sus­tained Auc­tion Down

Addi­tion­al notes

• Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

• W1-C‑S 2.00000

ZOIs for Pos­si­ble Long

• H4-C‑D 1.99122

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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