14 Aug Premarket Prep GBPNZD 08142020
#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‑D 1.98670 Bull Engulf formed closing below overhead supply D1-C‑S 1.99731 (testing 2nd time) taking out previous D1 supply
- H4 RBR through Bull Engulf followed by another forming demand at H4-C‑D 1.99568 just below D1 C‑Sup
- Market Profile
- ADR 1391
- LN ASR 1093
- Price currently above value within range
- ADR exhaustion @ 2.009, ADR 0.5 @ 2.002
Compared against Weekly Trading Plan
- Mid MN, W1, and D1 swing
- W1 trading above previous week’s body and VWAP
- H4, D1 trend is up, W1 is down
Sentiment — Bullish
- Even though H4 is showing an unclean arrival at D1-C‑S 1.99731 there are 2 consecutive RBR, an open above value and within range might prove suitable for a continuation to the upwards move especially with H4-C‑D 1.99568 right at VAH
Additional notes
- Value Acceptance would negate the bullish sentiment
ZOIs for Possible Shorts
- D1-C‑S 1.99731
ZOIs for Possible Long
- H4-C‑D 1.99568
- D1-C‑D 1.98670 BULL
- 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