Premarket Prep GBPNZD 10272020

27 Oct Premarket Prep GBPNZD 10272020

#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 44 Trad­ing Plan

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.

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing below MN C‑Sup again (as well as last month’s body) after hav­ing been test­ed mul­ti­ple times
• W1 con­sol­i­da­tion / pos­si­ble phase 3

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Bear Engulf with a very long buy­ing wick with C‑sup at pre­vi­ous H4 C‑sup now giv­ing D1-C‑S 1.94995
    • Mid D1 swing
  • Pos­si­ble H4 Phase 1 just above H4 QLo and D1 C‑dem
• Mar­ket Profile
  • After mul­ti-day brack­et­ing we have 3 VA’s formed below one and other
  • ADR: 1347
  • ASR: 1083
    • 28
  • Day
    • Yes­ter­day’s High 1.95354
    • Yes­ter­day’s Low 1.94236
    • Cur­rent­ly with­in val­ue, pos­si­bil­i­ty for some balancing

Sen­ti­ment

• Loca­tions
  • D1-C‑S 1.94995 at VAH
  • LTF sup­ply right above VAH and below VAL
  • ADR 0.5 Low with­in H4 QLo
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing mar­ket. With an open with­in val­ue we could pos­si­bly trade off near­by LTF SD ZOIs. With pos­si­ble H4 phase 1, it is implied that oppor­tu­ni­ties long would be safer, but with a bal­anc­ing mar­ket it might take a while. Though be care­ful for a force­ful move up this week. Fur­ther­more, I will mon­i­tor the rel­e­vance of ADR 0.5 and exhaus­tion being this far out from value.
    • Due to the new for­ma­tion of D1 Bear Engulf, although weak due to buy­ing wick, that could be because of the ini­tial reac­tion of pre­vi­ous D1 demand. The week­ly is con­sol­i­dat­ing but look­ing slight­ly more bear­ish than bull­ish. As always with a bal­anc­ing mar­ket will have to see what direc­tion the oth­er mar­ket par­tic­i­pants chose first. Then pig­gy-back ride!!! 🙂
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Rejec­tion Failure
  • LTF SD ZOI + PA rever­sal + poten­tial failed auction
• Hypo 2 — Val­ue Rejec­tion Up
  • Sus­tained auc­tion up but due to near­by sup­plies we would see a low/medium ini­tia­tive day

Addi­tion­al notes

• Since we are near­ing the end of the month I am not look­ing to take any risky trades. So might sit out and observe instead.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.95845
• D1-C‑S 1.94995

ZOIs for Pos­si­ble Long

• D1-C‑D 1.94746

Mind­ful Trading

• Feel­ing okay

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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