Premarket Prep GBPNZD 11172020

#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 47 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
  • Fol­low-through on Inside bar after D1/H4 C‑sups react­ed form­ing inside bar and move down giv­ing D1-C‑S 1.92401 after tak­ing out D1-C‑D 1.91857 (deep­er mak­ing slight LL with­in D1 QLo, W1 demand with sev­er­al tests now)
  • H4 Inside bar and con­se­quent move high­er at D1-C‑D 1.91298 hav­ing cre­at­ed long buy­ing wicks indi­cat­ing pos­si­ble Phase 1 (although price still below H4 VWAP)
• Mar­ket Profile
  • Brack­ets expand­ing dis­tance with cur­rent­ly price trad­ing at the bot­tom of the over­all range
  • ADR: 1434
  • ASR: 956
    • 25
  • Day
    • Yes­ter­day’s Low 1.92396
    • Yes­ter­day’s Low 1.90917

Sen­ti­ment

• Loca­tions
  • ADR 0.5 High just above VAH at LTF sup­ply. Although if LTF sup­ply gets tak­en out we might have to mon­i­tor for a sus­tained auction. 
  • D1-C‑S 1.92401 at yesterday’s high and just below H4 QLo (from the inside).
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing. How­ev­er due to H4 move up we could see a con­tin­u­a­tion from the bot­tom of the over­all brack­et­ing mar­ket and D1-C‑D 1.91298.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — VA Rejec­tion Up
  • H4 Phase 1 tran­si­tion phase 2 com­ing off D1 C‑Dem + over­all brack­et­ing mar­ket with expand­ing profiles.
  • Pre­ferred: Good close out­side VA, IB exten­sion up with sus­tained auction.
• Hypo 2 — VA rejec­tion Failure
  • ADR 0.5 High + LTF sup­ply + H4 VWAP (plus fail­ure to exit W1 demand, this is for exper­i­men­tal pur­pos­es). Near­by D1 C‑sup.
  • Pre­ferred: PA rever­sal after IB exten­sion up fol­lowed by failed auc­tion and quick fol­low-through on mov­ing through IB.
• Hypo 3 — A fol­low-through on Hypo 2
  • Pre­ferred extend and close below VAL deep into D1 demand. Sus­tained auction. 

Addi­tion­al notes

• Tues­day
  • BOE Gov Bai­ley Speaks
• Thurs­day & Friday
  • ECB Pres­i­dent Lagarde Speaks

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.92947
• H4-C‑S 1.92739
• D1-C‑S 1.92401

ZOIs for Pos­si­ble Long

• W1-C‑D 1.92065
• D1-C‑D 1.91298

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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