#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:
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
- Weak D1 Three Inside Up at D1/H4 C‑Dem returning back at D1-C‑S 1.92947 which proved reactive again forming an Inside bar
- Arrival at H4-C‑S 1.92739 with no clean break away (testing supply twice) trading within D1 QLo just above H4 VWAP after testing H4 QLo and D1-C‑D 1.91857 (at W1-C‑D 1.92065) proved reactive
- Market Profile
- Brackets expanding distance with currently price trading below Friday’s VA
- ADR: 1503
- ASR: 955
- 25
- Day
- Yesterday’s High 1.93147
- Yesterday’s Low 1.91817
Sentiment
- Locations
- H4-C‑S 1.92739 at VAL (LTF Supply as well), D1-C‑S 1.92947 VAH (not far above (tighter VA)
- Wide ADR exhaustions
- Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.4xASR
- Sentiment
- After a reaction off newly formed D1-C‑D 1.91857 H4 closed as a possible Base so there might be more downside on the short term ast here was no follow-through to the move. Preferably a return to value play would be best. With relative close proximity to VA, even though outside range, we could see a continuation to the leg down as well.
- LN open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Return to Value (short)
- VAL + H4 C‑Sup + LTF supply
- Preferred: PA reversal within IB + extension down (momentum)
- Hypo 2 — Continuation (short)
- Preferred: IB closing below W1 C‑dem preferably taking out LTF demand with IB extending down (preferably on momentum)
- Hypo 3 — VAA (risky)
- If there is a VAA we could see a move (slow initiative activity) moving deeper into overhead supply although this move is not favored.
Additional notes
- Tuesday
- BOE Gov Bailey Speaks
- Thursday & Friday
- ECB President Lagarde Speaks
ZOIs for Possible Shorts
- H4-C‑S 1.94104
- D1-C‑S 1.92947
- H4-C‑S 1.92739
ZOIs for Possible Long
- W1-C‑D 1.92065
- D1-C‑D 1.91857
- H4-C‑D 1.91432
- D1-C‑D 1.91298
Mindful Trading
- 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