24 Jun Premarket Prep GBPNZD 06242020
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
- On daily there’s a 2nd test of W1 QLo and underlying demand D1-C‑D 1.91275 closed as an inside bar
- H4 pin bar rejection (taking out previous H4 demand) of D1 QLo and consequent RBR (H4-C‑D 1.92728 NEW RBR) crossing over VWAP into H4-C‑S 1.93531 and currently testing supply
- Market Profile
- Yesterday value rejection to the downside and consequent push back over value
- Currently price is trading above value but will need to reassess at open
Compared against Weekly Trading Plan
- Trading within last week’s body at Weekly LKC however no demand formed here yet since we are mid-week
Sentiment — Slightly Bullish
ZOIs for Possible Shorts
- H4-C‑S 1.93531
- H4-C‑S 1.94828
ZOIs for Possible Long
- H4-C‑D 1.92728 NEW RBR
- H4-C‑D 1.91434
- D1-C‑D 1.91275
Focus Points for trading development
- Risk Management
- Only take 2 trades a day but only have 1 active trade on between the assets
- After 4 losing trades reduce TP to 1.5R but after 1R can consider taking profits
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