07 Jan Premarket Prep GBPNZD 01072021
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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 arriving at W1-C‑D 1.85877
Non-conjecture observations of the market
- Price action
- D1 Phase 4 moving deeper into D1-C‑D 1.87573 (and D1 QLo) arriving cleanly at W1-C‑D 1.85877
- H4 Phase 4 arriving at H4-C‑D 1.86623 and H4 QLo and consolidating below QLo
- Market Profile
- Value areas in DT
- ADR: 1315
- ASR: 980
- 25
- Day
- Yesterday’s High 1.87964
- Yesterday’s Low 1.86184
Sentiment
- Locations
- H4-C‑D 1.86623 below VAL within range
- Sentiment
- LN open
- Below Value, Within Range
- Open distance to value
- 0.2xASR
- Sentiment
- Moderate Imbalance. With close proximity to value and nearby H4 C‑dem we could see a value acceptance. Medium time frame is consolidating so a break below deeper into demand would suggest a continuation to the move. Although price is trading within H4/D1 QLo.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Value Acceptance
- Preferred: Early acceptance, quick rotation, IB extension up with sustained auction
- Hypo 2 — Trend Continuation
- Preferred: Confident break below, 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
- W1-C‑D 1.85877
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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