16 Jul Premarket Prep GBPNZD 07162020
#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-C‑S 1.91953 Bear Engulf closing slightly below W1 QLo and into demand
- D1-C‑D 1.90732 from previous bull engulf might be cause for congestion
- New H4 supply created through bear engulf H4-C‑S 1.92097 with some congestion after arriving at D1 QLo
- Market Profile
- Multi-day bracketing but we might have broken down from range
- Currently trading 70+ pips below from VAL @ H4 Qlo
Compared against Weekly Trading Plan
- Price still within Weekly consolidation
Sentiment — Slightly Bearish
ZOIs for Possible Shorts
- H4-C‑S 1.92097
- D1-C‑S 1.91953
ZOIs for Possible Long
- D1-C‑D 1.91306
- D1-C‑D 1.90732
- MN-C‑D 1.89577
Mindful Trading
- Sleep got interrupted but took a nap midday. Feeling okay.
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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