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
- Daily inside bar fairly strong retracing more than half of previous body creating D1-C‑S 1.93079 NEW
- Supply D1-C‑S 1.93079 NEW and demand D1-C‑D 1.92728 very tight
- H4 Bear Engulf rejection from supply H4-C‑S 1.93551 followed by messy push lower
- Market Profile
- Yesterday value rotation and consequent break below value
- Currently trading below value but still near
Compared against Weekly Trading Plan
- Slightly below previous week’s body
Sentiment — Slightly Bearish
ZOIs for Possible Shorts
- H4-C‑S 1.93551 NEW
- D1-C‑S 1.93079 NEW
ZOIs for Possible Long
- D1-C‑D 1.92728
Focus Points for trading development
- Risk Management
- Only take 2 trades a day but only have 1 active trade on between the assets
- Trading Priority
- FX pair outside value
- FX pair inside > Gold
- 2+R profit during LN consider trading PNYC
- After 4 losing trades reduce TP to 1.5R but after 1R can consider taking profits