Premarket Prep GBPNZD 11192020

#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 div­ing deep­er into demand W1-C‑D 1.92065 but still have 2 days to go

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Phase 1 / 3 
  • H4 DBD after reject­ing D1-C‑S 1.92401 (H4 50MA in DT) form­ing new H4 sup­ply H4-C‑S 1.92355
  • Move down formed a base at H4-C‑S 1.91913 BASE (@ H4 VWAP)
  • Arrival at D1-C‑D 1.91298 fol­lowed by H4 consolidation
• Mar­ket Profile
  • Tight VA cre­at­ed. 3 day brack­et­ing range.
  • ADR: 1395
  • ASR: 978
    • 25
  • Day
    • Yes­ter­day’s High 1.92661
    • Yes­ter­day’s Low 1.91254

Sen­ti­ment

• Loca­tions
• Sen­ti­ment
  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.1xASR
  • Sen­ti­ment
    • H4 just closed high­er form­ing H4-C‑D 1.91556 and a H1 RBR and now anoth­er poten­tial base with long low­er wick. Although LTF is show­ing a lot of signs of phase 1 / 3. Since we are at the bot­tom of the over­all range the sen­ti­ment is more bull­ish. Which would be enhanced through a val­ue accep­tance (which would also bring price back up to the base) and path is clear (on medi­um tf) to over­head sup­ply. Some con­ges­tion on LTF though. Pro­file would indi­cate a poten­tial con­tin­u­a­tion which the VAA would negate. Price seems to tick­ing around faster than usual. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Swing Rever­sal (long)
  • Pre­ferred: VAA (with enough VA left although hard with VA being so tight). IB exten­sion up and sus­tained auc­tion and tak­ing out of LTF supply. 
• Hypo 2 — Return to Val­ue (Short)
  • Pre­ferred: Strong Bear­ish PA, IB exten­sion down tak­ing out LTF demand and clos­ing with­in D1 Demand. 

Addi­tion­al notes

• 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
• H4-C‑S 1.92355
• H4-C‑S 1.91913 BASE

ZOIs for Pos­si­ble Long

• H4-C‑D 1.91435
• D1-C‑D 1.91298

Mind­ful Trading

• Feel­ing okay. Per­son­al life a lit­tle in the way. Also just gen­er­al­ly feel­ing a lit­tle more cau­tious these last few days and I have learned to lis­ten to my gut. Being flat is a posi­tion as well. 

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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