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