Premarket Prep GBPNZD 06292020

29 Jun Premarket Prep GBPNZD 06292020

#trad­ing­forex #forex #GBPNZD #day­trad­ing #trad­inglifestyle #day­trader­lifestyle

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

• Still with­in D1 demand D1-C‑D 1.92689
• New­ly formed demand at H4-C‑D 1.92139 NEW try­ing to push away from H4 QLo but no close above yet
• Mar­ket Profile
  • Cur­rent­ly trad­ing with­in value

Com­pared against Week­ly Trad­ing Plan

• With­in last week’s body and above UKC

Sen­ti­ment — Neutral

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.93553 NEW
• D1-C‑S 1.93079 NEW

ZOIs for Pos­si­ble Long

• D1-C‑D 1.92689 NEW
• H4-C‑D 1.92139
• H4-C‑D 1.91438

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