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:

GBPNZD – Week 29 Trad­ing Plan

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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