Premarket Prep GBPNZD 11232020

23 Nov Premarket Prep GBPNZD 11232020

#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 48 Trad­ing Plan

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

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Phase 1 / 3
  • H4 RBR at D1-C-D1.91298 with con­se­quent retest through pin­bar with con­tin­u­a­tion higher
• Mar­ket Profile
  • Brack­et­ing profiles.
  • ADR: 1232
  • ASR: 987
    • 25
  • Day
    • Yes­ter­day’s High @ D1-C‑S 1.91842
    • Yes­ter­day’s Low @ D1-C‑D 1.90953

Sen­ti­ment

• Loca­tions
  • Over­all rang­ing mar­ket. Trade extremes. 
  • H4-C‑D 1.91562 BASE at VAH
  • ADR Exhaus­tion high above H4 C‑sup
• Sen­ti­ment
  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.6xASR
  • Sen­ti­ment
    • Even though a slight­ly large imbal­ance at open we could see a con­tin­u­a­tion high­er due to H4 hav­ing print­ed bull­ish PA and tran­si­tion to Phase 2. Nonethe­less, due to near prox­im­i­ty to ADR 0.5 and H4 C‑sup above the best play might be a mean reversion.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Mean Reversion
  • Pre­ferred: IB extend­ing towards H4 C‑Sup fol­lowed by PA con­firm­ing a rever­sal and either an IB exten­sion down or failed auction. 
• Hypo 2 — Trend Continuation
  • Pre­ferred: IB clos­ing print­ing Bull­ish PA, IB exten­sion up (momen­tum), sus­tained auc­tion into over­head supply

Addi­tion­al notes

• GBP & EUR — Flash Man­u­fac­tur­ing PMI

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.92947
• H4-C‑S 1.2348

ZOIs for Pos­si­ble Long

• H4-C‑D 1.91562 BASE
• 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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