23 Jun Premarket Prep GBPNZD 06232020
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.
Non-conjecture observations of the market
- Traded the day down touching W1 QLo (just above D1-C‑D 1.92153) with reaction away
- Newly formed Demand H4-C‑D 1.92153 NEW with consequent move up activating Q points (this would also mean we have a close outside of QLo but with a slightly long selling wick at VWAP slightly below H4-C‑S 1.93531)
- New supply and demand H1-C‑S 1.92791 NEW and H1-C‑D 1.92377 NEW
- Market Profile
- Few opens below value
- Friday’s value was very wide and yesterday opened within value and then rejecting but reversing back up over value
- Price currently trading above value but already exhausted HK ASR so will need to reassess with LN open
Compared against Weekly Trading Plan
- Daily still below LKC and VWAP
Sentiment — Slightly Bullish
ZOIs for Possible Shorts
- H4-C‑S 1.93531
- H1-C‑S 1.92791 NEW
ZOIs for Possible Long
- H4-C‑D 1.92153 NEW
- H1-C‑D 1.92377 NEW
Focus Points for trading development
- Risk Management
- Only take 2 trades a day but only have 1 active trade on between the assets
- After 4 losing trades reduce TP to 1.5R but after 1R can consider taking profits
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