Premarket Prep GBPNZD 09162020

#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

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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 closed as bull engulf with longer buy­ing wick although not strong­ly with­in sup­ply, poten­tial con­tin­u­a­tion to the consolidation
• Price trad­ing with­in H4/D1 QLo
• H4 Morn­ing Star at D1-C_D 1.91303 fol­lowed by RBR but not clos­ing strong­ly in over­head sup­ply, instead fol­lowed by Bear Engulf (at H4 VWAP)
• Mar­ket Profile
  • ADR: 1360
  • ASR: 1146
  • Day
    • Yes­ter­day’s High 1.92053
    • Yes­ter­day’s Low 1.91120
    • Price with­in day range in the mid­dle (with­in value)

Com­pared against Week­ly Trad­ing Plan

• Trad­ing with­in W1 demand

Sen­ti­ment

• Loca­tions
  • D1-C‑D 1.91302 at ADR 0.5
  • ADR exhaus­tion below
• Sen­ti­ment
  • LN open
    • Below Val­ue, Inside Range
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Slight imbal­ance, fail­ure to break or close with­in over­head sup­ply (and H4 VWAP) I am more like­ly look­ing for a con­tin­u­a­tion to the move down.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Short
  • Pre­ferred: IB exten­sion down, sus­tained auc­tion, ADR exhaus­tion and con­se­quent­ly take out H4 demand
• Hypo 2 — Val­ue Accep­tance Long
  • Val­ue Rotation
• Hypo 3 — Val­ue Accep­tance and then short, rotat­ing through, bounc­ing off H4-C‑S 1.91939
  • Price action rever­sal at H4 C‑sup, TPO build, Sin­gle print fade. 
• Hypo 4 — Long
  • Pre­ferred: Con­sol­i­da­tion and strong bull­ish fin­ish­er, val­ue accep­tance and rota­tion, sus­tained auc­tion tak­ing out LTF sup­plies, clos­ing with­in over­head H4 supply

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

• Feel­ing 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 
• 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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