08 Jun Premarket Prep GBPNZD 06082020
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.
Non-conjecture observations of the market
- Small Daily Supply D1-C‑S 1.94672 NEW created just above Demand
- Market Profile
- HK opened above its value and traded higher
- Price is above LN value after having been in a downtrend last week
- M30/H1 Demand aligning with LN VAH
Compared against Weekly Trading Plan
- HK having traded above value my sentiment is now slightly bullish
Sentiment — Slightly Bullish
ZOIs for Possible Shorts
- D1-C‑S 1.94672 NEW
- H4-C‑S 1.95355
- H4-C‑D 1.96375
ZOIs for Possible Long
- H4-C‑D 1.94803
- H4-C‑D 1.94537
- M30-C‑D 1.94733
Focus Points for trading development
- Exit rules
- Option 1: Time-based stop
- Option 2: Target hit (SL (98/4) 25 pips + spread or x2 TP)
- NO OPTION 3
- UNLESS a trade is entered within 1 hour or half hour before the hard exit rule option 1
- Entry rules
- Cut off looking for trades at 11:15
- Entry on TPO break of IB
- Early entry with price action confirmation at
- H4 conterminous
- Open far from value, anticipating a move back to value using an engulfing + subsequent break of TPO
- Min. X2 R/R
- Use TPO confirmation or invalidation for directional decisions by looking for in conjunction with H4 conterminous lines
- TPO extension with a sustained move (BO from IB)
- TPO extension with failed auction (return to IB)
- How this direction of TPO extension relates to Value Area open sentiment
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