13 Aug Premarket Prep GBPNZD 08132020
#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:
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 1.99731 proved reactive and ended the day with a bear engulf that had long selling and buying wick (selling wick slightly longer) creating new C‑Sup D1-C‑S 1.98375 where the H4 was previously
- D1-C‑S 1.98375 shares the same level with existing demand
- Possible Phase 3 still in effect even though slightly moving higher still
- Newly formed H4-C‑S 1.99004 with clean break away testing previous H4-C‑D 1.97912 which proved reactive again and messy reversal but clean arrival to new supply
- Market Profile
- ADR 1314
- ASR 1099
- Price currently trading at VAL edge within range (coinciding with ADR 0.5), will reassess at LN open for possible open within
- ADR exhaustion within value inside M30 QHi
- H4-C‑S 1.99004 within value below M30 QHi above ADR 0.5
Compared against Weekly Trading Plan
- Mid MN, W1, and D1 swing
- W1 trading above previous week’s body still touching VWAP
- H4, D1 trend is up, W1 is down
Sentiment — Neutral to Slightly Bearish
- At the moment of writing price is at VAL edge but not close inside yet. Will need to reassess at LN open.
- Due to ‘weaker’ D1 bear engulf we could see further upwards move on the short to medium term
Additional notes
- Open Inside value could warrant a potential rejection down due to nearby M30 QHi, H4 C‑sup, ADR exhaustion
- If open below but inside range we might see a continuation to the slight imbalance
ZOIs for Possible Shorts
- D1-C‑S 1.99731
- H4-C‑S 1.99004
- D1-C‑S 1.98375
ZOIs for Possible Long
- 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
No Comments