Premarket Prep GBPNZD 08032020

03 Aug Premarket Prep GBPNZD 08032020

#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 32 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias.

Non-con­jec­ture obser­va­tions of the market

• Some sup­ply formed D1-C‑S 1.97294, pos­si­bly RBR or Evening star
• H4 Inside Bar fol­lowed by con­sol­i­da­tion form­ing sup­ply D1-C‑S 1.97294
• Mar­ket Profile
  • Price cur­rent­ly trad­ing above val­ue with­in range right on top of VAH

Com­pared against Week­ly Trad­ing Plan

• D1 trad­ing above UKC break­ing the downtrend

Sen­ti­ment — Slight­ly Bullish

Addi­tion­al notes

• Thurs­day
  • BOE Gov Bai­ley Speaks

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.99731
• D1-C‑S 1.97294

ZOIs for Pos­si­ble Long

• MN-C-D1.89919
• W1-C‑D 1.92020
• D1-C‑D 1.92660
• H4-C‑D 1.96146
• H4-C‑D 1.94792
• H4-C‑D 1.94185
• H4-C‑D 1.96348

Mind­ful Trading

• Slept very light last night

Focus Points for trad­ing development

• Week­ly Goal
  • Have cor­rect SL place­ment and posi­tion sizing
• Risk Man­age­ment
  • 1 allowed products
    • GBPNZD
  • 1 active opened positions
  • 1% dai­ly loss limit
  • 1R prof­it-tak­ing allowed until draw­down is over
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING