Premarket Prep GBPNZD 10072020

#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

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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

• Price action
  • D1 trad­ed high­er into sup­ply above the day pri­or leav­ing a longer buy­ing wick behind but still with­in sup­ply and would need to reach 1.9696 before it’s tak­en out
  • H4 Bear Engulf @ H4-C‑S 1.95583 and H4 QHi with no fol­low-through and imme­di­ate return through inside bar at D1-C‑D 1.94743 near­ing H4 QLo, rang­ing market
    • H4 demand formed below supply
• Mar­ket Profile
  • Pro­files still brack­et­ing, yesterday’s val­ue very wide
  • ADR: 1447
  • ASR: 1479
    • 37
  • Day
    • Yes­ter­day’s High 1.96040
    • Yes­ter­day’s Low 1.94312
    • Cur­rent­ly price right above VAH with­in range

Com­pared against Week­ly Trad­ing Plan

• Trad­ing above last week’s body but with­in range. IF we keep this up (big IF since it’s only Tues­day) we could close as a RBR break­ing out from VWAP. Big IF still so could go either way. 

Sen­ti­ment

• Loca­tions
  • ADR 0.5 high at H4-C‑S 1.96265
  • H4 QHi at Yesterday’s high
  • ADR 0.5 low with­in Value 
  • QDR exhaus­tion at VAL, yesterday’s low
• Sen­ti­ment
  • LN open
    • Above val­ue, with­in range
  • Open dis­tance to value
    • Right on top of VAH
  • Sen­ti­ment
    • Mod­er­ate Imbal­ance. Look­ing for a poten­tial move up but with a lot of medium/higher time frame con­ges­tion in the way + H4 QHi this could be a very slow crawl. A bet­ter oppor­tu­ni­ty would be a rever­sal around ADR 0.5 since we are in a rang­ing mar­ket. Unless Price revers­es and accepts val­ue, with val­ue being so wide we could see nice rota­tion although there is con­ges­tion under­neath as well. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Rever­sal (short)
  • H4 c‑sup, ADR 0.5, H4 QHi
  • Pre­ferred: PA rever­sal with­in IB, oth­er­wise an exten­sion up fol­lowed by rever­sal and failed auc­tion, val­ue acceptance
• Hypo 2 Return to Val­ue (long)
  • Pre­ferred: IB exten­sion up (momen­tum), tak­ing out H4 sup­ply, late sus­tained auc­tion entry

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C_S 1.95583
• H4-C‑S 1.95349 (less significant)
• D1-C‑S 1.95030 NRN

ZOIs for Pos­si­ble Long

• H4-C‑D 1.95357
• D1-C‑D 1.94743
• H4-C‑D 1.93724

Mind­ful Trading

• Feel­ing okay, slight­ly tired

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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