20210823 Premarket Prep GBPNZD

23 Aug 20210823 Premarket Prep GBPNZD

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #GBPNZD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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 34 Trad­ing Plan

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

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing above last week’s body but with­in range

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Three Out­side Down with no con­tin­u­a­tion, trad­ing with­in D1 QHi
  • H4 Three Out­side Down with con­tin­u­a­tion  acti­vat­ing swing, price cur­rent­ly trad­ing mid swing
• Trend: H4 Up, D1 Down, W1 Up
  • Pre­vail­ing trend: Mixed Trend
• Mar­ket Profile
  • Val­ue was cre­at­ed below the previous
• Dai­ly Range
  • ADR: 1271
  • ASR: 810
    • 20
  • Day
    • Yes­ter­day’s High 2.00063
    • Yes­ter­day’s Low 1.99125

Sen­ti­ment

• LN open
  • Below Val­ue, With­in Range
• Open dis­tance to value
  • 0.30xASR
• Nar­ra­tive
  • Mod­er­ate Imbal­ance. H4 Bull­ish Inside Bar formed in pre­mar­ket but price is still trad­ing below H4 VWAP. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Val­ue Acceptance
• Hypo 2
  •  VAL Rever­sal, pos­si­ble Failed Auc­tion Short
• Hypo 3
  • Failed Auc­tion long
• Hypo 4
  • Auc­tion Fade Long, vari­a­tion to Hypo 2

Addi­tion­al notes

• Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

• W1-C‑S 2.00000

ZOIs for Pos­si­ble Long

• W1-C‑D 1.96800

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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