12 Aug Premarket Prep GBPNZD 08122020
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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
- Yesterday closed higher breaking the phase 3 range albeit not strongly
- D1 first touch of D1-C‑S 1.99731 (being very close to round number of 2) today proved reactive
- New demand H4-C‑D 1.97912 formed through H4 Bull Engulf followed by messy price action to say the least indicating possible phase 1 or 3 still, H4-C‑D 1.98387 RBR was formed in the move up
- Market Profile
- ADR exhausted 90+%, 1268 out of 1326
- M30 QHi lining up with ADR 0.5
- Price currently trading above value and range, will reassess at open
- ASR
- 1093
Compared against Weekly Trading Plan
- Mid MN, W1, and D1 swing
- W1 trading above previous week’s body touching VWAP
- H4, D1 trend is up, W1 is down
Sentiment — Slightly Bullish to neutral
- Sentiment is due to price being above value
- However an open above value could still warrant (due to overhead supply, ADR exhaustion and possible Phase 3 on medium time frames)
- Exhausted move into supply, failed auction, reversal
- Value acceptance
- Return to value with price action confirmation long
Additional notes
- An open above value could warrant
- Exhausted move into supply, failed auction, reversal
- Value acceptance
- Return to value with price action confirmation long
ZOIs for Possible Shorts
- D1-C‑S 1.99731
ZOIs for Possible Long
- H4-C‑D 1.98387 RBR
- H4-C‑D 1.97912
Mindful Trading
- Slept okay
Focus Points for trading development
- Weekly Goal
- Align with market narrative
- Taking a trade is not a priority
- Risk Management
- 3 trades 1% risk
- 2 consecutive days of lack of sleep = NO TRADING
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