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:

GBPNZD Week 1 Trad­ing Plan

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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. 
• 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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