#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 phase 4 continuation after bear engulf the preceding day closing slightly within demand with longer buying wick
- H4 phase 4 (forming H4-C‑S 1.97506) but some consolidation now creating some demand (even though bear engulf within consolidation no follow-through yet) possible transition to Phase 1 or just a speed bump
- Market Profile
- Yesterday was an open below the bracketing range
- ADR: 1248
- ASR: 1166
- Day
- Day High 1.98170
- Day Low 1.96701
- Price within day range
- Locations
- ADR 0.5 at day low
- H4-C‑S 1.97506 at VAH (weaker due to coming from the inside)
- H4-C‑D 1.96594 (weak) at ADR 0.5
Compared against Weekly Trading Plan
- Below Last month’s body, within range
- Below last week’s range in line with evening star
Sentiment
- Sentiment
- LN open
- Below value, slightly outside range
- Open distance to value
- 0.4xASR
- Sentiment
- No mean reversion criteria fulfilled due to open still near VAL by 0.4 ASR. H4 printing a Bear Engulf and then potentially forming a DBD.Slightly Short.
- LN open
- Clarity (1–5, 5 being best)
- 2
- Hypo 1 — Short
- Medium and large time frame bearish sentiment. Slightly outside range (0.4xASR)
- Preferred: 2nd Chance Entry. IB extension down. Sustained auction. ADR exhaustion.
- Cons: H4-C-dem (older) within H4 QLo
- Hypo 2 — Long
- Unsafe due to large time bearish sentiment and no large imbalance, plus very tight value and lower time frame supplies
- ADR 0.5 at H4-C‑D 1.96594
- Preferred: Value Acceptance
Additional notes
- N.A.
ZOIs for Possible Shorts
- H4-C‑S 1.98966
- D1-C‑S 1.98136
- H4-C‑S 1.97506
ZOIs for Possible Long
- D1-C‑D 1.98128
- H4-C‑D 1.96594
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