Premarket Prep GBPNZD 09142020

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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 38 Trad­ing Plan

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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
• No fol­low-through on H4 bull engulf test­ing D1-C‑D 1.91303
• Mar­ket Profile
  • ADR: 1478
  • ASR: 1135
  • Day
    • Yes­ter­day’s High 1.92798
    • Yes­ter­day’s Low 1.90994
    • Price with­in day range near day low
  • Loca­tions
    • Yes­ter­day’s Low 1.90994 near round num­ber and ADR 0.5
    • D1-C‑D 1.91303 just below yesterday’s low

Com­pared against Week­ly Trad­ing Plan

• Trad­ing with­in W1 demand

Sen­ti­ment

• Sen­ti­ment
  • LN open
    • With­in Val­ue, very close to VAL
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Due to the open with­in val­ue I am expect­ing some respon­sive activ­i­ty, although due to near­by lev­els we could poten­tial­ly see a bounce off them in case of a rejec­tion attempt. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Respon­sive activity
• Hypo 2 — Val­ue Rejec­tion High, rever­sal at ADR 0.5, coin­cid­ing with H4-C‑S 1.92480 although it is a base level
  • Pre­ferred: 4+ TPO build up or sin­gle print fade after an ini­tial rejec­tion up, price action con­firm­ing reversal. 
• Hypo 3 — Val­ue Rejec­tion down, rever­sal at ADR 0.5, coin­cid­ing with D1-C‑D 1.91303
  • Pre­ferred: 4+ TPO build up or sin­gle print fade after an ini­tial rejec­tion down, price action con­firm­ing reversal. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94717

ZOIs for Pos­si­ble Long

• W1-C‑D 1.92067
• D1-C‑D 1.91319
• D1-C‑D 1.91303

Mind­ful Trading

• Slept light

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 
• 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

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