#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