Premarket Prep GBPNZD 07082020

08 Jul Premarket Prep GBPNZD 07082020

#pre­mar­ket­prep #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 Bull Engulf with con­ter­mi­nous D1-C‑D 1.90748 Bull E. clos­ing above D1/W1 QLo
• H4 RBR form­ing con­ter­mi­nous H4-C‑D 1.91644 RBR right above D1/W1 QLo
• Mar­ket Profile
  • Yes­ter­day val­ue rejec­tion to the upside 
  • Cur­rent­ly trad­ing above val­ue + range

Com­pared against Week­ly Trad­ing Plan

• Below W1 LKC and extend­ed away from VWAP but retracing
• Mov­ing away from MN demand 

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.92077
• H4-C‑S 1.92486
• D1-C‑S 1.93071
• D1-C‑S 1.95234

ZOIs for Pos­si­ble Long

• H4-C‑D 1.91644 RBR
• D1-C‑D 1.91314
• H4-C‑D 1.90530 Inside Bar
• MN-C‑D 1.89650
• W1-C‑D 1.85887

Focus Points for trad­ing development

• Week­ly Goal
  • Cor­rect posi­tion sizing
  • Trades pri­or­i­ty: 1) let mar­ket pro­file guide 2) M30 con­fir­ma­tion (watch out for ‘Bil­ly No Mates’)
• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • Only trade off M30 candles
  • 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