02 Aug 20210802 Premarket Prep GBPNZD
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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
Compared against Weekly Trading Plan
- Price trading at the top of last week’s body
Non-conjecture observations of the market
- Price action
- D1 Bear Engulf with no continuation
- Price trading below H4 VWAP although has created two consequent demands on top of each other
- Price trading within H4/D1 QHi
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP
- Market Profile
- Flimsy 3‑day bracket
- Daily Range
- ADR: 1100
- ASR: 752
- 19
- Day
- Yesterday’s High 1.99680
- Yesterday’s Low 1.99030
Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.11xASR
- Narrative
- Moderate Imbalance. With a flimsy bracketing range there might be more balancing before any directional move. At the time of writing value has already been accepted.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Value Acceptance
- Hypo 2
- Auction Fade Long, variation to Hypo 1
- Hypo 3
- Failed Auction Long
- Hypo 4
- Sustained Auction Down
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- W1-C‑S 2.00000
ZOIs for Possible Long
- H4-C‑D 1.99122
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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