Premarket Prep GBPNZD 09232020

#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 39 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

• Unclean arrival at D1-C‑S 1.91979, inside bar with long buy­ing and sell­ing wicks although buy­ing slight­ly longer. Still a long way to go to take out D1 sup­ply with high at 1.938.
• 2nd H4 Bear Engulf at H4-C‑S 1.92109 but no fol­low-through, pos­si­ble phase 1
• Mar­ket Profile
  • 2 days brack­et­ing at the bot­tom of the range, yes­ter­day above the brackets
  • ADR: 1386
  • ASR: 1459
    • 365
  • Day
    • Yes­ter­day’s High 1.92738
    • Yes­ter­day’s Low 1.91316
    • Price with­in value

Com­pared against Week­ly Trad­ing Plan

• Trad­ing slight­ly above W1 Demand

Sen­ti­ment

• Loca­tions
  • ADR 0.5 and exhaus­tion at yesterday’s high and LTF supply
  • ADR exhaus­tion Low and 0.5 at D1-C‑D 1.91303 
• Sen­ti­ment
  • LN open
    • With­in value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anced market. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Val­ue Rejec­tion Up Fake out
  • ADR 0.5 at LTF supply
  • Price action rever­sal, sin­gle print fade, failed auction,
• Hypo 2 — Respon­sive Activity
• Hypo 3 — Val­ue Rejec­tion Down Fake out
  • Same as Hypo 1
• Hypo 4 Val­ue Rejec­tion up
  • ADR exhaus­tion hit ear­ly on in the ses­sion, sus­tained auction.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94717
• 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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