Premarket Prep GBPNZD 09212020

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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

• H4 Bull Engulf at D1 C‑Dem
• Pos­si­ble H4 phase 1
• Mar­ket Profile
  • Pro­files Brack­et­ing but price closed below brack­et­ing range
  • ADR: 1520
  • ASR: 1397
    • 35
  • Day
    • Yes­ter­day’s High 1.91948
    • Yes­ter­day’s Low 1.90623
    • Price below yesterday’s low

Com­pared against Week­ly Trad­ing Plan

• Back trad­ing with­in W1 Demand

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1.91053 below val­ue with­in range
  • ADR 0.5 just below Friday’s low
  • ADR 0.5 High at D1-C‑S 1.91979 and Friday’s high
• Sen­ti­ment
  • LN open
    • With­in value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Respon­sive activity. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Respon­sive activity
• Hypo 2 — Short 
  • Fake out to ADR 0.5 high and rever­sal (at D1-C‑S 1.91979 and LTF supply)
  • IB exten­sion, price action con­fir­ma­tion rever­sal, failed auction
• Hypo 3 — Long
  • Fake out to ADR 0.5 Low and rever­sal (LTF Demand)
  • IB exten­sion, price action con­fir­ma­tion rever­sal, failed auction

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.91979

ZOIs for Pos­si­ble Long

• D1-C‑D 1.91303
• H4-C‑D 1.91053

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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