Premarket Prep GBPNZD 10052020

05 Oct Premarket Prep GBPNZD 10052020

#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 41 Trad­ing Plan

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 Evening Star cre­at­ing sup­ply at D1-C‑S 1.95030 fol­lowed by messy move away
• Trad­ing mid H4 swing
• Mar­ket Profile
  • Bal­anc­ing
  • ADR: 1445
  • ASR: 1478
    • 37
  • Day
    • Yes­ter­day’s High 1.95407
    • Yes­ter­day’s Low 1.93619
    • Cur­rent­ly price trad­ing slight­ly below val­ue, inside range

Com­pared against Week­ly Trad­ing Plan

• Pos­si­ble W1 Phase 2 or reversal

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1.95583 at ADR 0.5 high
  • D1-C‑S 1.95030 NEAR ROUND No with­in Value
  • D1-C‑D 1.94743 with­in val­ue at VAL
  • ADR 0.5 Low at H4 QLo (coin­cid­ing with LTF demand)
  • H4-C‑D 1.93724 near brack­et­ing range low
• Sen­ti­ment
  • LN open
    • Below val­ue, with­in range
  • Open dis­tance to value
    • 0.2xASR
  • Sen­ti­ment
    • Bal­anc­ing mar­ket so will let pro­file guide me. Even though open below with­in range we are very close to VA and can prob­a­bly accept. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Val­ue Accep­tance (long)
  • Close with­in val­ue con­fi­dent­ly but leav­ing enough prof­it target
  • Cons: LTF sup­ply + D1 C‑Sup
  • Pre­ferred: quick sus­tained auc­tion rotat­ing through value
• Hypo 2 — Return to Val­ue (short)
  • Bounce off D1 c‑sup with­in val­ue revers­ing down
  • Pre­ferred: IB exten­sion down (prob­a­bly lat­er in the ses­sion), sus­tained auction. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.95030 NRN + high­er in dis­tri­b­u­tion curve

ZOIs for Pos­si­ble Long

• D1-C‑D 1.94743 (less value)
• H4-C‑D 1.93724

Mind­ful Trading

• Feel­ing okay but tak­ing it easy today. Might not trade. 

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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