Premarket Prep GBPNZD 08262020

26 Aug Premarket Prep GBPNZD 08262020

#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 35 Trad­ing Plan

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

Week­ly goal

• For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day

Non-con­jec­ture obser­va­tions of the market

• D1 still above 200MA clos­ing into sup­ply cre­at­ing D1-C‑D 2.00208 (with­in clutter)
  • Phase 3 still in effect
• H4 Bull Engulf at H4-C‑D 2.00046 with lit­tle fol­low-through that tran­si­tions into a con­sol­i­da­tion (with longer sell­ing wicks) and bear engulf fin­ish­er giv­ing H4-C‑S 2.00668
  • Phase 3 still in effect
  • Mid H4 Q swing
• Mar­ket Profile
  • Mul­ti-day bracketing
  • Val­ue area tighter
  • ADR: 1538 
  • ASR: 1285
  • Ses­sion
    • High 2.01292
    • Low 2.00079
    • Price with­in session’s range
  • Loca­tions
    • H4-C‑S 2.00668 with­in val­ue below POC
    • D1-C‑D 2.00208 (with­in clut­ter) below val­ue, out­side range, with­in session’s range
    • H4-C‑D 2.00046 at ADR 0.5

Com­pared against Week­ly Trad­ing Plan

• Near D1 QHi
• Mid MN, W1 swing
• W1 above pre­ced­ing week’s can­dle, with­in range
• H4, D1 trend is up, W1 is down

Sen­ti­ment — Neutral

• Sen­ti­ment
  • LN open
    • Tech­ni­cal­ly Below val­ue, inside range but too close to val­ue (with­in 3 ticks) so open con­sid­ered to be with­in value
  • Open dis­tance to val­ue: very close, could be con­sid­ered open inside value
  • IB
    • Val­ue rota­tion if you con­sid­er open out­side val­ue, oth­er­wise just respon­sive activ­i­ty, will ask for clarification
  • Sen­ti­ment: MP shows a neu­tral sen­ti­ment for now
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 —  respon­sive activ­i­ty day
• Hypo 2 — Val­ue Rejec­tion short
  • Due to H4-C‑S 2.00668

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 2.02267
• D1-C-SD 2.00546
• H4-C‑S 2.00668

ZOIs for Pos­si­ble Long

• D1-C-SD 2.00546
• D1-C‑D 2.00208 (with­in clutter)
• H4-C‑D 2.00046

Mind­ful Trading

• Slept okay, feel­ing better

Focus Points for trad­ing development

• Week­ly Goal
  • For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day
  • Incor­po­rate pro­file day type
• Trad­ing Rules
  • If Open out­side of val­ue con­sid­er the place­ment in rela­tion to ADR 
  • Don’t take into con­sid­er­a­tion medi­um time frame c‑lines past 24 hours
  • FX with­in val­ue > DAX
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING