08 Apr Premarket Prep GBPNZD 20210408
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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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Weekly Focus Points
- Min. 3 times hitting the gym + mandatory cardio
- Went yesterday but no cardio
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
Compared against Weekly Trading Plan
- Trading below last week’s Inside Bar — possible W1 Three Outside Down in the making
Non-conjecture observations of the market
- Price action
- D1 Phase 3 at D1 QHi took out demand with yesterday closing as a long-legged doji (longer selling wick with high testing newly formed D1-C‑S 1.96852) at D1 VWAP in DT (possible BD)
- H4 Bull Engulf (as part of the retest of D1 C‑sup) and consequent consolidation
- Price trading below H4 VWAP in DT
- Trend: H4 up, D1 up, W1 down
- Prevailing trend: Trend is up although trading at larger timeframe supply
- Market Profile
- Value created below the previous
- Daily Range
- ADR: 1088
- ASR: 831
- 21
- Day
- Yesterday’s High 1.96640
- Yesterday’s Low 1.95384
Sentiment
- Locations
- D1-C‑S 1.96852 Above VAH with value riddled with LTF supplies
- Sentiment
- LN open
- Below Value, Within Range
- Open distance to value
- 0.2xASR
- Premarket
- H4 break down from consolidation still trading within demand. Although with D1 possibly forming a DBD price could see a continuation to the move. LTF moving lower from VAL.
- Narrative
- 4
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Return to Value
- Narrative: Possible D1 DBD, H4 break down from consolidation
- Preferred: Strong Bearish Price action, 2nd chance entry perhaps, IB extension down with sustained auction
- Con: Trading within newly formed H4 demand but perhaps weak
- Hypo 2 — Value Acceptance
- Narrative: Possible D1 Morning Star, D1 VWAP in UT
- Preferred: Early Acceptance and quick follow-through
- Con: Tight value area riddled with LTF supplies
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- D1-C‑S 1.96852
ZOIs for Possible Long
- W1-C‑D 1.96978
Mindful Trading
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Feeling okay with NOT trading
- Have ‘quieter’ weekends
- Weekly Goal
- Min. 3 times hitting the gym + mandatory cardio
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or hit time stop)
- M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- 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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