#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 Bull Engulf D1-C‑D B.E. 1.91707 move away from VWAP (after consolidating around VWAP and now entering KC for the first time) into overhead supply (D1-C‑S 1.92097) breaking slightly the range
- Overhead supply not yet taken out
- H4 Morning Star H4-C‑D M.S. 1.91411 with big push away from D1 QLo taking out overhead supplies and clean arrival at H4-C‑S 1.92483. Followed by some consolidation ending with a ‘weaker’ bull engulf (outside RTH) H4-C‑D 1.92657 since we just had a bear engulf preceding it.
- H4-C‑D 1.92657 tested once
- Market Profile
- Yesterday value very wide
- Today’s price moving above VAH about 40 pips nearing ADR 0.5
Compared against Weekly Trading Plan
- Price above weekly consolidation
Sentiment — Slightly Bullish
ZOIs for Possible Shorts
- H4-C‑S 1.92483
- D1-C‑S 1.92097
ZOIs for Possible Long
- H4-C‑D 1.92657
- D1-C‑D B.E. 1.91707
- H4-C‑D M.S. 1.91411
Mindful Trading
- Sleep was good. No nap.
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.
- NO IB extension trades
- NO value acceptance trades
- 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