Premarket Prep GBPNZD 11132020

#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

• Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if possible. 

Com­pared against Week­ly Trad­ing Plan

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

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1-C‑D 1.91298 proved reac­tive form­ing an Inside bar with slight­ly longer buy­ing wick (with­in D1 QLo)
  • H4-C‑D 1.91432 formed through H4 Bull Engulf on top of D1-C‑D 1.91298 with fol­low-through though still trad­ing with­in D1 QLo and below H4 VWAP in DT.
  • H4 closed above H4/D1 QLo (slight­ly above VWAP)
• Mar­ket Profile
  • Brack­ets expand­ing dis­tance with cur­rent­ly price trad­ing below the over­all range
  • ADR: 1576
  • ASR: 993
    • 25
  • Day
    • Yes­ter­day’s High 1.92251
    • Yes­ter­day’s Low 1.90974

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1.91432 at VAL
  • W1-C‑D 1.92065at VAH
• Sen­ti­ment
  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.8xASR
  • Sen­ti­ment
    • Large Imbal­ance but due to the nature of the week a mean rever­sion might not be the best option although HK has tak­en it high­er. There is a con­sol­i­da­tion at the top of the M30 UT just below LTF Sup­ply and D1-C‑S 1.92947 although the H4 move up looks forceful. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — H4 Swing Rever­sal Con­tin­u­a­tion (long)
  • Pre­ferred: IB exten­sion up (momen­tum) clear­ing LTF sup­plies. Mon­i­tor for sus­tained auc­tion exhaust­ing ADR.
• Hypo 2 — Mean Rever­sion (short)
  • Pre­ferred: PA rever­sal, strong bear­ish PA

Addi­tion­al notes

• 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

• W1-C‑D 1.92065
• H4-C‑D 1.91432
• D1-C‑D 1.91298

Mind­ful Trading

• Feel­ing good. 
• Not trad­ing today since I am not at my desk. Just tun­ing from time to time. 

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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