14 Jul Premarket Prep GBPNZD 07142020
#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
- Big sell off yesterday creating H4-C‑S 1.92423 to D1 QLo forming an inside bar H4-C‑D 1.91671 and retracing back to D1-C‑S 1.92116
- Market Profile
- Wide value created yesterday with currently price trading within
Compared against Weekly Trading Plan
- Daily consolidation still in progress although volatility picking up with yesterday making new HH and LL within the consolidation
- Price still within Weekly consolidation
Sentiment — Neutral
ZOIs for Possible Shorts
- H4-C‑S 1.92486
- H4-C‑S 1.92423
- D1-C‑S 1.92116
- H4-C‑S 1.92098
ZOIs for Possible Long
- H4-C‑D 1.91671
- MN-C‑D 1.89577
- D1-C‑D 1.91306
Mindful Trading
- Feeling okay. Haven’t been sleeping too well these last few days but that’ll straighten itself out with getting back into a normal routine.
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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