21 Dec Premarket Prep GBPNZD 12212020
#fintwit #orderflow #daytrading premarketprep #Forextrader #forex #FX #Forexlifestyle #daytrade #tradeplan #tradingplan #tradingforex #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 Focus Points
- Don’t take trades where SL placement is suboptimal. Instead, reassess for a better entry if possible. Unless there is a momentum play.
Compared against Weekly Trading Plan
- Last week closed as an Inside Bar with Longer selling wick
Non-conjecture observations of the market
- Price action
- D1 Gap down trading above D1 QLo
- H4 clean arrival at H4-C‑D 1.87979 with reaction
- H4 closed as an Inside Bar with longer buying wick premarket
- Market Profile
- 2 day bracketing range
- ADR: 1608
- ASR: 1256
- 32
- Day
- Yesterday’s High 1.90019
- Yesterday’s Low 1.88515
Sentiment
- Locations
- H4-C‑S 1.89660 at VAL, ADR exhaustion & ADR 0.5 high nearby below VAL
- H4-C‑D 1.87979 at ADR 0.5 low
- Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 1.0xASR
- Sentiment
- Large Imbalance with nearby H4 c‑dem. Price gapped down and with a clean arrival at H4 C‑dem we see an initial reaction.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Mean Reversion
- Preferred: IB extension up (momentum), sustained auction.
- Hypo 2 — Return to Value
- H4 C‑sup at VAL
- Preferred: Price action reversal, failed auction with quick follow-through
- Hypo 3 — Trend Continuation
- Preferred: IB extension down (momentum), sustained auction
Additional notes
- Brexit talks are still on
ZOIs for Possible Shorts
- D1-C‑S 1.89847 (near round number)
- H4-C‑S 1.90471 (near round number)
- H4-C‑S 1.89660
ZOIs for Possible Long
- H4-C‑D 1.87979
Mindful Trading
- Feeling okay
Focus Points for trading development
- Monthly Goals
- Continue tracking my DRC tracking sheet
- Focus on my own progress and less on others
- Feeling okay with NOT trading
- Have ‘quieter’ weekends
- Weekly Goal
- Min. 3 times hitting the gym
- Trading Rules
- Trade from D and upwards unless a possible momentum trade, value acceptance or otherwise.
- Risk Management
- 3 trades 1% risk, 3rd trade only if first 2 worked out
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING
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