#tradingforex #forex #daytrading #tradinglifestyle #daytraderlife #GBPNZD
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 is showing a big inside bar at W1 QLo after testing D1-C‑D 1.91289 with 3rd bar printing today. However supply was created and has D1-C‑S 1.91492 NEW at W1 QLo and just above existing Daily demand
- Daily still below VWAP and tests of said level are getting slightly more frequent
- H4 Phase 1/3 followed by a sell off in the last day by a H4 Bear Engulf at VWAP forming H4-C‑S 1.91924 NEW
- Market Profile
- For the last two days the market has been balancing and is currently trading within value
Compared against Weekly Trading Plan
- Price at W1 QLo and W1 LKC
- Price in the middle of the MN swing, currently nearing MN demand MN-C‑D 1.89592
Sentiment — Neutral
ZOIs for Possible Shorts
- H4-C‑S 1.91924 NEW
- D1-C‑S 1.93079 NEW
- H4-C‑S 1.93553 NEW
ZOIs for Possible Long
- D1-C‑D 1.92689 NEW
- D1-C‑D 1.91289
- H4-C‑D 1.92139
- H4-C‑D 1.91438
Focus Points for trading development
- Weekly Goal
- Correct position sizing
- 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