05 Aug Premarket Prep GBPNZD 08052020
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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-C‑S 1.97293 was formed through D1 Bear Engulf coinciding with H4 Bear Engulf after rejecting overhead supply H4-C‑S 1.97489
- H4 closed below VWAP with drop and base for the first time but still trading within demand ZOI and need AS to close to see if we have another drop
- Market Profile
- Since Friday value has been wider than usual and has been overlapping
- Currently price is trading below just VAL but will need to reassess at LN open
- ASR 109.8
- MAX SL (including/excluding spread)
- Short 33 pips
- Long 23
- MAX SL (including/excluding spread)
- ADR 137
Compared against Weekly Trading Plan
- Mid MN, W1, and D1 swing
- W1 trading within previous week’s body looking like an inside bar however the week is not finished yet
- H4, D1 trend is up, W1 is down
Hypos
- Short:
- Bouncing off newly formed H4-C‑S 1.97489 coinciding with current ADR 0.5 location
- Short:
- Open below value within range, failed value acceptance bouncing of D1-C‑S 1.97293
- Long:
- Drop to H4-C‑D 1.96348 or H4-C‑D 1.96146 coinciding with ADR and 4+ TPO structure for a possible reversal
Sentiment — Slightly Bearish
Additional notes
- Thursday
- BOE Gov Bailey Speaks
ZOIs for Possible Shorts
- D1-C‑S 1.99731
- D1-C‑S 1.97293
- H4-C‑S 1.97489
ZOIs for Possible Long
- D1-C‑D 1.97311
- H4-C‑D 1.96348
- H4-C‑D 1.96146
Mindful Trading
- Slept okay
Focus Points for trading development
- Weekly Goal
- Have correct SL placement and position sizing
- Trade idea considering market context based on larger time frame analysis
- Risk Management
- 1 allowed products, no rules under active experimentation
- GBPNZD
- 1 active opened positions
- 3 trades with 1% risk
- 2 consecutive days of lack of sleep = NO TRADING
- 1 allowed products, no rules under active experimentation
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