Premarket Prep GBPNZD 07022020

02 Jul Premarket Prep GBPNZD 07022020

#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

• D1 move away from W1 QLO & D1-C‑D 1.91289 with body above pre­ced­ing day
• H4 sup­ply tak­en out (after a move away from H4-C‑D 1.91733) and cre­at­ed a new one at H4-C‑S 1.92509 NEW with direct new demand formed below H4-C‑D 1.92484 NEW. Price in a tight range.
• Mar­ket Profile
  • Cur­rent­ly price above val­ue and range after some bracketing

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 — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.92509 NEW
• D1-C‑S 1.93079 NEW

ZOIs for Pos­si­ble Long

• D1-C‑D 1.92689 NEW
• H4-C‑D 1.92484 NEW
• H4-C‑D 1.91733
• H4-C‑D 1.91431

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