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:

GBPNZD Week 33 Trad­ing Plan

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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