Premarket Prep GBPNZD 11122020

#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 46 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.

Com­pared against Week­ly Trad­ing Plan

• Price arrived at and is trad­ing with­in W1-C‑D 1.92065

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Break down from D1 con­sol­i­da­tion giv­ing D1-C‑S 1.92947 with clean arrival at D1-C‑D 1.91298 trad­ing with­in D1 QLo
  • H4 Evening Star at D1-C‑S 1.92947 with fol­low-through down trad­ing with­in H4 QLo fol­lowed by H4 Inside Bar (retrac­ing more than 50% with longer buy­ing wick) after react­ing off D1-C‑D 1.91298
    • H4 Shoot­ing star formed before LN open
• Mar­ket Profile
  • Brack­ets expand­ing dis­tance with cur­rent­ly price trad­ing below the over­all range
  • ADR: 1548
  • ASR: 1000
    • 25
  • Day
    • Yes­ter­day’s High 1.94622
    • Yes­ter­day’s Low 1.91565

Sen­ti­ment

• Loca­tions
  • D1-C‑S 1.92947 at VAH and ADR exhaus­tion High
• Sen­ti­ment
  • LN open
    • Open below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.5xASR
  • Sen­ti­ment
    • Mod­er­ate, slight­ly larg­er imbal­ance. M30 VWAP in DT BO pos­si­ble CAS. No con­fi­dent break away from D1-C‑D 1.91298. Unclear. BOE Gov Bai­ley speaks at open. 
• Clar­i­ty (1–5, 5 being best)
  • 2
• Hypo 1 — Swing Rever­sal (long)
  • D1 / W1 C‑Dem near­by, H4 Inside bar, pos­si­ble base formed. No medi­um term sup­plies above.
  • Pre­ferred: LTF sup­ply tak­en out (but then VAA would be more pre­ferred oth­er­wise risky also with round num­ber xx50 right there, x500 as well). IB exten­sion up (momen­tum).
  • Con D1 C‑Sup at VAH
• Hypo 2 — Return to val­ue (short)
  • Pre­ferred: Pop round num­ber below VAL with PA rever­sal con­fir­ma­tion. IB exten­sion down.
• Hypo 3 — Vari­a­tion to Hypo 2
  • Pos­si­bil­i­ty for deep­er test with­in val­ue, D1 C‑Sup (H4 VWAP). 
  • Pre­ferred: PA rever­sal. Sell­ing tail. Sin­gle print Fade.

Addi­tion­al notes

• Thurs­day
  • BOE Gov Bai­ley speaks at LN open
• Fri­day
  • ECB Pres­i­dent Lagarde / BOE Gov Bai­ley / Fed Chair Pow­ell speaks

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94104
• D1-C‑S 1.92947

ZOIs for Pos­si­ble Long

• H4-C‑D 1.92790
• W1-C‑D 1.92065

Mind­ful Trading

• Feel­ing good. 

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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