Premarket Prep GBPNZD 08172020

17 Aug Premarket Prep GBPNZD 08172020

#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 34 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias.

Non-con­jec­ture obser­va­tions of the market

• D1 sup­ply formed same c‑line as H4-C‑S 1.99926 and price is still trad­ing within
• H4 doji formed after (con­sol­i­da­tion and move up) but no con­fir­ma­tion on direc­tion yet now shares demand c‑line with H4-C‑S 1.99926
• Mar­ket Profile
  • ADR 1316
  • ASR 1013
    • Max 21 long
    • Max 30 short
  • Price cur­rent­ly trad­ing with­in value

Com­pared against Week­ly Trad­ing Plan

• Mid MN, W1, and D1 swing
• W1 closed above VWAP, cur­rent can­dle with­in last week’s body
• H4, D1 trend is up, W1 is down

Sen­ti­ment — Neutral

• Price is cur­rent­ly with­in val­ue and show­ing lots of low­er time frame SD ZOIs on either side and ADR 0.5 and exhaus­tion lay­ing fur­ther out­side of value
• Best to stay out unless there is a con­flu­ence around the lev­els of ADR

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 2.01138
• H4-C‑S 1.99926

ZOIs for Pos­si­ble Long

• H4-C‑D 1.99926
• H4-C‑D 1.99557

Mind­ful Trading

• Slept very light. Took a nap.

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