Premarket Prep GBPNZD 07292020

#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 ral­ly deep­er into sup­ply D1-C‑S 1.93076 near­ing UKC
• H4 show­ing ral­ly going deep­er with­in H4-C‑S 1.93552 fol­lowed by a H4 bear engulf giv­ing new sup­ply at H4-C‑S 1.94324
  • This was fol­lowed by a weak inside bar that could turn in a DBD
• Mar­ket Profile
  • Price trad­ing above VAH and range cur­rent­ly with a peak of about 60 pips above VAH
  • ASR is 90 and ADR 122

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, might be in process of a VWAP mean reversion

Sen­ti­ment — Slight­ly Bullish

Addi­tion­al notes

• FOMC rate deci­sion today

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.93076
• H4-C‑S 1.93552
• H4-C‑S 1.94324

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 again. Took a nap.

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