15 Sep Premarket Prep GBPNZD 09152020
#premarketprep #tradingforex #forex #FX #daytrading #tradinglifestyle #daytraderlife #GBPNZD
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
Weekly goal
- Formulate hypos in order of likelihood and track with actual development on the day
Non-conjecture observations of the market
- D1 Phase 4 possible transition to 1
- Another H4 Bull Engulf (reaching for H4 VWAP but not testing) with no follow-through right on top of D1-C‑D 1.91303 creating a H4 DBD with supply H4-C‑S 1.91940
- Market Profile
- ADR: 1439
- ASR: 1177
- Day
- Yesterday’s High 1.92509
- Yesterday’s Low 1.91273
- Price within day range near day low
- Locations
- ADR exhaustion 150 pips below VAL
- H4-C‑S 1.91940 at VAL
Compared against Weekly Trading Plan
- Trading within W1 demand
Sentiment
- Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.5xASR
- Sentiment
- Moderate imbalance, could go either way. D1 C‑dem plus ADR 0.5 nearby for bullish sentiment. But H4 C‑Sup at VAL might be good for a return to value play.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Long
- D1 C‑dem, plus ADR 0.5 with slightly larger imbalance, within H4 QLo
- Preferred: IB extension up, sustained auction accepting value
- Hypo 2 — Return to value (short)
- H4 c‑sup at VAL
- Preferred: price action confirming reversal, failed auction through a fake out IB extension up into lower time frame supply
- H4 c‑sup at VAL
- Hypo 3 — value acceptance (long)
Additional notes
- N.A.
ZOIs for Possible Shorts
- H4-C‑S 1.94717
- H4-C‑S 1.91940
ZOIs for Possible Long
- W1-C‑D 1.92067
- D1-C‑D 1.91319
- D1-C‑D 1.91303
Mindful Trading
- Didn’t sleep too well. Not trading today. Will monitor my hypos for accuracy.
Focus Points for trading development
- Weekly Goal
- Formulate hypos in order of likelihood and track with actual development on the day
- Incorporate profile day type
- Trading Rules
- If Open outside of value consider the placement in relation to ADR
- Risk Management
- 3 trades 1% risk, 3rd trade only if first 2 worked out
- OK to take 1R when in DD
- 2 consecutive days of lack of sleep = NO TRADING
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