#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
Weekly goal
- Formulate hypos in order of likelihood and track with actual development on the day
Non-conjecture observations of the market
- D1 Bear Engulf with longer selling wick (VWAP CAR) after consolidation forming D1-C‑S 1.98136
- D1 Phase 4 still in effect testing D1-C-D1.97354 which is from August 7th
- H4-C‑S 1.98966 tested through a medium inside bar (still in line with VWAP in DT)
- Market Profile
- ADR: 1279
- ASR: 1263
- Day
- Day High 1.99275
- Day Low 1.97668
- Price below Day Low
- Locations
- D1-C‑D 1.97354 at ADR 0.5, near ADR Exhaustion, 1xASR away from VAL
- D1-C‑D 1.97865 right at H4 QLo
- D1-C‑S 1.98136 near VAL
Compared against Weekly Trading Plan
- MN closed as a pin bar above previous month’s range
- Below last week’s range in line with evening star
Sentiment — Neutral
- Sentiment
- LN open
- Below value, outside range
- Open distance to value
- about 0.8x ASR, but HK 1xASR
- Sentiment
- Price below value, 1xASR distance already reached during HK trading below ADR 0.5, ADR exhaustion not far off so there are grounds for a mean reversion although larger time frame is in phase 4 this would be considered an unsafe play. Going along with ADR exhaustion or a return to value would be a safer play.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Short
- ADR exhaustion, IB extension down, sustained auction
- Hypo 2 — Long
- LN open below value, outside range, mean reversion at D1-C‑D 1.97354 at ADR 0.5, near ADR Exhaustion, 1xASR away from VAL
- Hypo 3 — Short
- Return to value, D1-C‑S 1.98136 near VAL, fake out momentum, failed auction,
Additional notes
- N.A.
ZOIs for Possible Shorts
- H4-C‑S 1.98966
- D1-C‑S 1.98136
ZOIs for Possible Long
- D1-C‑D 1.98128
Mindful Trading
- Slept okay
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
- OK to take 1R when in DD
- 2 consecutive days of lack of sleep = NO TRADING