Premarket Prep GBPNZD 09152020

15 Sep Premarket Prep GBPNZD 09152020

#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 38 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 Phase 4 pos­si­ble tran­si­tion to 1
• Anoth­er H4 Bull Engulf (reach­ing for H4 VWAP but not test­ing) with no fol­low-through right on top of D1-C‑D 1.91303 cre­at­ing a H4 DBD with sup­ply H4-C‑S 1.91940
• Mar­ket Profile
  • ADR: 1439
  • ASR: 1177
  • Day
    • Yes­ter­day’s High 1.92509
    • Yes­ter­day’s Low 1.91273
    • Price with­in day range near day low
  • Loca­tions
    • ADR exhaus­tion 150 pips below VAL
    • H4-C‑S 1.91940 at VAL

Com­pared against Week­ly Trad­ing Plan

• Trad­ing with­in W1 demand

Sen­ti­ment

• Sen­ti­ment
  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.5xASR
  • Sen­ti­ment
    • Mod­er­ate imbal­ance, could go either way. D1 C‑dem plus ADR 0.5 near­by for bull­ish sen­ti­ment. But H4 C‑Sup at VAL might be good for a return to val­ue play. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Long
  • D1 C‑dem, plus ADR 0.5 with slight­ly larg­er imbal­ance, with­in H4 QLo
  • Pre­ferred: IB exten­sion up, sus­tained auc­tion accept­ing value
• Hypo 2 — Return to val­ue (short)
  • H4 c‑sup at VAL
    • Pre­ferred: price action con­firm­ing rever­sal, failed auc­tion through a fake out IB exten­sion up into low­er time frame supply
• Hypo 3 — val­ue accep­tance (long)

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94717
• H4-C‑S 1.91940

ZOIs for Pos­si­ble Long

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

Mind­ful Trading

• Didn’t sleep too well. Not trad­ing today. Will mon­i­tor my hypos for accuracy.

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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