06 Jan Premarket Prep GBPNZD 01062021
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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
- 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 away from W1 supply deeper into MN demand
Non-conjecture observations of the market
- Price action
- D1 traded down taking out demand and arriving clean at D1-C‑D 1.87573 and D1 QLo
- H4 Phase 4 forming a supply base at H4-C‑S 1.88284 through Bear Engulf arriving at D1 QLo (no rejection yet) while still mid H4 swing.
- H4 closing further down into D1 demand premarket.
- Market Profile
- Yesterday left a poor high at 1.88740
- After value was created on top of the previous bracketing range we now have a value below it
- ADR: 1267
- ASR: 1012
- 26
- Day
- Yesterday’s High 1.89176
- Yesterday’s Low 1.87577
Sentiment
- Locations
- H4-C‑S 1.88284 at VAL
- D1-C‑D 1.87573 at yesterday’s low
- Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 1xASR
- Sentiment
- Large Imbalance. With values expanding and trying to break from bracketing range combined with nearby D1 demand and QLo we could be seeing a transition to Phase 1 and then 2 coming into the market on a longer term. Especially since we still have some way to go before hitting the W1 demand. On the medium term horizon I will let profile, value open sentiment and price action guide me (as always).
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Mean Reversion
- Price trading within D1 QLo, nearing H4 QLo, nearby H4/D1 C‑dems
- Preferred: Strong Bullish price action reversal perhaps during IB after a further retest down to H4-C‑D 1.86623. Otherwise a failed auction after an IB extension down.
- Hypo 2 — Trend Continuation
- ADR exhaustion (just below H4 QLo, no reversal patterns, IB extension down with sustained auction
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 1.90528
- H4-C‑S 1.90051
- H4-C‑S 1.88284
ZOIs for Possible Long
- D1-C‑D 1.87573
- H4-C‑D 1.86623
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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