15 Jul Premarket Prep GBPNZD 07152020
#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 QLo tested again with H4 morning star pushing away from H4-C‑D 1.91671
- H4-C‑S 1.92142 created through inside bar and consequent drop back to previous demand
- Market Profile
- Multi-day bracketing
- Price currently trading within value will need to reassess at open
Compared against Weekly Trading Plan
- Possible Daily phase 1 where yesterday’s bar closed slightly higher in the consolidation
- Price still within Weekly consolidation
Sentiment — Neutral
ZOIs for Possible Shorts
- H4-C‑S 1.92142
- 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
- Had a good night’s sleep. Feeling good.
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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