Premarket Prep GBPNZD 07092020

#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:

GBPNZD – Week 28 Trad­ing Plan

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The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias.

Non-con­jec­ture obser­va­tions of the market

• Slight push high­er on D1 but still below D1-C‑S 1.92077
• H4 con­sol­i­da­tion (phase 1/3) above D1/W1 QLo with new tight­ly formed H4 sup­ply and demand
• Mar­ket Profile
  • Pro­file in slight uptrend with price cur­rent­ly trad­ing above value

Com­pared against Week­ly Trad­ing Plan

• Below W1 LKC and extend­ed away from VWAP but retrac­ing pre­ced­ing week’s body
• Mov­ing away from MN demand 

Sen­ti­ment — Slight­ly Bullish

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

Mind­ful Trading

• Still not feel­ing well. Feel­ing imbal­anced and not myself. Hope this goes by quick while my body adapts to my new diet. Quit smok­ing I am doing okay with. Nonethe­less, I will still trade. Mak­ing trades at this ear­ly stage of my devel­op­ment in the men­tor­ship pro­gram allows me to learn more. Also, it will help me embed the rules in my mind regard­less of what state I am in. This is not advis­able with a lot of mon­ey on the line.

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