04 Jan Premarket Prep GBPNZD 01042021
#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
- Trading within W1 supply
Non-conjecture observations of the market
- Price action
- H4 Three Inside Down giving H4-C‑S 1.90051
- Market Profile
- ADR: 1304
- ASR: 935
- 24
- Day
- Yesterday’s High 1.90096
- Yesterday’s Low 1.88434
Sentiment
- Locations
- D1-C‑D 1.88727 within value at VAL
- Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.8xASR
- Sentiment
- Moderate to large imbalance. With new H4 supply formed and open imbalance we could see a move down as we are also in the top part of the overall range.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Swing Reversal
- Preferred: Retest of new H4 C‑sup, IB extension down, sustained auction.
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 1.90528
- H4-C‑S 1.90051
ZOIs for Possible Long
- D1-C‑D 1.88727
Mindful Trading
- Not trading today
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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