Premarket Prep GBPNZD 07202020

#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 30 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

• The day trad­ed down from H4 Sup­ply H4-C‑S 1.91649 enter­ing W1/D1 QLo and then H4 QLo arriv­ing at LKC in a rang­ing mar­ket (coin­cid­ing with D1-C‑D 1.91284 after already cross­ing down H4-C‑D B.E. 1.91535)
• Mar­ket Profile
  • Price cur­rent­ly below val­ue 30+ pips away @ ADR 0.5

Com­pared against Week­ly Trad­ing Plan

• Price still with­in Week­ly consolidation
• Dai­ly made a LL as opposed to last week’s dai­ly consolidation

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.91649
• D1-C‑S 1.91972

ZOIs for Pos­si­ble Long

• D1-C‑D 1.91284
• H4-C‑D B.E. 1.91535

Mind­ful Trading

• Sleep was okay but still took a nap mid­day. Feel­ing okay.

Focus Points for trad­ing development

• Week­ly Goal
  • Cor­rect posi­tion sizing
  • Have cor­rect SL placement
  • Due to sum­mer time I will focus on trad­ing off new­ly formed SD ZOIs for intra­day plays. Keep­ing in mind that due to lack of liq­uid­i­ty 2nd chance entries can give bet­ter R/R using the M30/M15 rule.
• 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