#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