#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 closed within W1 QLo at LKC
- H4 phase 4, H4-C‑D 1.94185 proved reactive but no follow-through. Instead some supply created with H4 Bear Engulf (H4-C‑S 1.94717) and price moved down closer to demand
- Nearing D1/H4 QLo if price can clear H4-C‑D 1.94185
- Market Profile
- ADR: 1275
- ASR: 1033
- Day
- Yesterday’s High 1.96218
- Yesterday’s Low 1.94084
- Price within day range near day low
- Locations
- Profile and M30 VWAP in DT
- H4-C‑S 1.94717 within value
- H4-C‑D 1.94185 below value, within range
Compared against Weekly Trading Plan
- D1 closed within W1 QLo
Sentiment
- Sentiment
- LN open
- Inside Value
- Open distance to value
- N.A.
- Sentiment
- Responsive activity. Possible value rejection down due to H4 c‑sup. If price rejects value to the upside we could potentially have a reversal around ADR exhaustion (even though that would be against a continuation on most of the times). The reason I think that is because H4 VWAP in DT is in the way and the main trend is still down. Otherwise no real opportunities.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Responsive activity
- Hypo 2 — Value Rejection Down
- H4-C‑S 1.94717, confident close outside of value, sustained auction.
- Hypo 3 — Mean Reversion after Value rejection up
- ADR exhaustion combined with H4 VWAP and LTF supply ZOI could prove reactive. Preferred: reversal pattern, 4+ TPO structure build up, failed auction
Additional notes
- N.A.
ZOIs for Possible Shorts
- H4-C‑S 1.94717
ZOIs for Possible Long
- H4-C‑D 1.94185
- H4-C‑D 1.92711
Mindful Trading
- Took a nap.
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