#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:
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 Pinbar formed with long selling wick closing above VWAP
- D1 Phase 2 still in effect and no higher time frame supplies near
- Previous H4 supply taken out, proceeded to create a new one slightly higher through a strong inside bar with H4-C‑S 1.94803. No real move away from supply, instead some consolidation.Price trading between supply and underneath H4-C‑D 1.94262 BASE but no close below (yet)
- Market Profile
- Profiles in uptrend
- ADR: 1553
- ASR: 1435
- 359
- Day
- Yesterday’s High 1.95826
- Yesterday’s Low 1.94196
- Currently price trading below value, outside range
Compared against Weekly Trading Plan
- Trading above W1 Demand and tried to reach above QLo and hit VWAP yesterday
Sentiment
- Locations
- H4-C‑S 1.94803 at within range below value
- H4-C‑D 1.94262 BASE at open and yesterday’s low
- Sentiment
- LN open
- Below Value, outside range
- Open distance to value
- 0.7xASR
- Sentiment
- Moderate imbalance, could see a continuation down or move up. Price traded down to H4-C‑D 1.94262 BASE but did not take it out yet so there might be grounds for a bounce here. Too far for a high likelihood of VA.
- LN open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Continuation down
- Price action confirming a continuation to the H1 DBD
- Preferred: Momentum IB extension down, sustained auction.
- Con: against medium/high time frame sentiment
- Hypo 2 — Return to value
- LTF supply below value within range plus H4-C‑S 1.94803 could be a bounce down.
- Preferred: late IB extension up, price action confirmation reversal, failed auction and quick move down.
- Hypo 3 — value acceptance
- Less likely due to LTF congestion and approximation to value edge.
Additional notes
- N.A.
ZOIs for Possible Shorts
- H4-C‑S 1.94803
ZOIs for Possible Long
- H4-C‑D 1.94262 BASE
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