Premarket Prep GBPNZD 10122020

#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 Focus Points

• Only trade off M30/M15 for entries. M30, time-based, or look for exits after 2 hours (4 TPOs). Unless the entry is real­ly late.
• SL place­ment
  • Add spread for shorts, sub­tract for longs

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing above W1-C‑D 1.94836 Base

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Price con­sol­i­dat­ing right on top of H4 demand H4-C‑D 1.95532
• Mar­ket Profile
  • Trad­ing back with­in brack­et­ing range
  • ADR: 1375
  • ASR: 1431
    • 36
  • Day
    • Yes­ter­day’s High 1.96466
    • Yes­ter­day’s Low 1.94985
    • Cur­rent­ly with­in value

Sen­ti­ment

• Loca­tions
  • D1-C‑S 1.96399 with­in H4 QHi, near ADR 0.5
  • H4-C‑D 1.95532 with­in value
  • H4 VWAP with­in range at LTF sup­ply below H4 QHi
• Sen­ti­ment
  • LN open
    • Above val­ue, with­in range
  • Open dis­tance to value
    • Very near
  • Sen­ti­ment
    • Open above with­in range (H4 move high­er break­ing out from con­sol­i­da­tion) could indi­cate the intent to move price high­er again. The wor­ry­ing fac­tor in this regard is the H4 VWAP right above it and seems to be reac­tive dur­ing IB. So unless VWAP gets bro­ken I am expect­ing more phase 1/3. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Acceptance
  • Pre­ferred: if deep with­in val­ue wait for a test of val­ue edge, tak­ing out of LTF demands, val­ue rotation
• Hypo 2 — Return to Val­ue (long)

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.96399

ZOIs for Pos­si­ble Long

• H4-C‑D 1.95532

Mind­ful Trading

• Feel­ing okay. Busy with work out­side of trading.

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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