Premarket Prep GBPNZD 09222020

#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 Bull Engulf at D1-C‑D 1.91303 clos­ing with­in D1 sup­ply D1-C‑S 1.91979
• H4 Bear Engulf after con­sol­i­da­tion giv­ing H4-C‑S 1.92109
• Mar­ket Profile
  • Pro­files Brack­et­ing but price closed below brack­et­ing range
  • ADR: 1441
  • ASR: 1421
    • 355
  • Day
    • Yes­ter­day’s High 1.92421
    • Yes­ter­day’s Low 1.90579
    • Price with­in val­ue near high

Com­pared against Week­ly Trad­ing Plan

• Trad­ing slight­ly above W1 Demand

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1.91561 BASE at VAH
  • H4-C‑S 1.92109 above val­ue, with­in range
• Sen­ti­ment
  • LN open
    • Above val­ue, with­in range
  • Open dis­tance to value
    • 0.4xASR
  • Sen­ti­ment
    • Mod­er­ate imbal­ance but with near­by H4 c‑sup more pos­si­ble for a val­ue acceptance.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Accep­tance (Short)
  • H4-C‑S 1.92109, break down LTF demand, clos­ing con­fi­dent­ly with­in val­ue, val­ue wide enough for a good prof­it tar­get, H4-C‑D 1.91561 BASE just below VAH enhanc­ing a bear­ish sen­ti­ment if hit. 
  • Pos­si­bile uni­di­rec­tion­al day if ADR gets exhaust­ed (with­in val­ue) and we have a sus­tained auction. 
• Hypo 2 — Return to Value
  • Failed val­ue accep­tance, price action con­firm­ing reversal

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.92109
• D1-C‑S 1.91979

ZOIs for Pos­si­ble Long

• H4-C‑D 1.91561 BASE
• 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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