Premarket Prep GBPNZD 07282020

#pre­mar­ket­prep #trad­ing­forex #forex #FX #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

• D1 Bull Engulf at W1 QLo and demand giv­ing D1-C‑D 1.91540
• Price has been trad­ing high­er since cre­at­ing more demand with H4-C‑D 1.92006 (@W1-C‑D 1.92026) and H4-C‑D 1.92716
• Unclean H4 price action reach­ing for D1-C‑S 1.93076 pos­si­ble phase 1
• Con­sol­i­da­tion fol­lowed bull engulf into over­head sup­ply D1-C‑S 1.93076
• Mar­ket Profile
  • Price above ADR 0.5 almost 70 pips away from VAH with ASR 90.8

Com­pared against Week­ly Trad­ing Plan

• MN
  • Month­ly clean arrival at MN-C‑D 1.89696 (with under­ly­ing Q1 QLo) and saw some ini­tial reaction
  • Mid swing MN1 Q
  • Still a few days left could be form­ing an inside bar or doji or oth­er rever­sal pat­tern if we stay with­in the pre­ced­ing month’s range
• W1
  • Con­sol­i­da­tion with bull engulf last week W1-C‑D 1.92026

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.93076
• H4-C‑S 1.93552

ZOIs for Pos­si­ble Long

• D1-C‑D 1.91540
• H4-C‑D 1.92006
• H4-C‑D 1.92716
• W1-C‑D 1.92026

Mind­ful Trading

• I slept well last night. Went swim­ming in the blis­ter­ing sun. Came back very tired so I took a nap. Feel okay but not at my peak. 

Focus Points for trad­ing development

• Week­ly Goal
  • Have cor­rect SL place­ment and posi­tion sizing
  • 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.
  • Momen­tum plays are allowed on DE30 DAX and WTI Crude oil
• 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