13 Jul Premarket Prep GBPNZD 07132020
#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:
https://bearmarkettrader.com/2020/07/12/gbpnzd-week-29-trading-plan/
The purpose of a premarket prep is to find setups within my weekly trade plan bias.
Non-conjecture observations of the market
- Price currently above VWAP and trying to extend into overhead H4 supply H4-C‑S 1.92486
- Market Profile
- LN open above value but not far extended
- LN ASR only 754 and ADR 928
Compared against Weekly Trading Plan
- The day has been trading up into Daily supply away from newly formed daily demand
- Currently trading above last week’s body
Sentiment — Slightly Bullish
ZOIs for Possible Shorts
- D1-C‑D 1.91306
- D1-C‑S 1.93057
- D1-C-S1.95241
- H4-C‑S 1.92486
- H4-C‑S 1.92098
ZOIs for Possible Long
- MN-C‑D 1.89577
- D1-C‑D 1.91306
Mindful Trading
- Feeling better. Deciding to go Keto is not the right move for me right now. Instead I decided to incorporate healthier choices as my way forward (for the time-being). It’s not that I don’t believe in Keto. It’s just that trading comes 1st for me and the way I have been feeling after starting keto is just awful. I need to prepare better if I want to start doing keto again. Prepare the things I need in advance. Today, I feel fairly good so let’s see how I’ll do during the session.
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
- 2 consecutive days of lack of sleep = NO TRADING
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