Premarket Prep GBPNZD 11242020

#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 div­ing deep­er into demand W1-C‑D 1.92065

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Phase 1 / 3 and Asia today com­plete­ly retrac­ing yesterday’s Bull Engulf
  • H4 Bear Engulf with long buy­ing wick after pre­vi­ous sup­ply gets tak­en out giv­ing the same H4-C‑S 1.92348. Asia made an extend­ed move down clos­ing with­in D1-C‑D 1.91298.
• Mar­ket Profile
  • VAs dis­tanc­ing but still with­in over­all range. ADR has been exhaust­ed to the down­side at 140% now.
  • ADR: 1172
  • ASR: 916
    • 23
  • Day
    • Yes­ter­day’s High 1.92794
    • Yes­ter­day’s Low 1.91229

Sen­ti­ment

• Loca­tions
  • D1-C‑D 1.91298 at ADR exhaus­tion low (already hit), new LTF demand formed
  • H4-C‑S 1.92355 at VAH
• Sen­ti­ment
  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.6xASR
  • Sen­ti­ment
    • Slight­ly large imbal­ance at the bot­tom of a rang­ing mar­ket. H4 closed as an Inside Bar at D1 C‑Dem. H1 con­sol­i­da­tion with longer buy­ing wicks with a bull­ish fin­ish­er (plus price overex­tend­ed from VWAP in Range). With Asia mov­ing down 140% ADR, plsu being at the bot­tom of the over­all range as well as the imbal­ance in rela­tion to pro­file I am more look­ing for bull­ish opportunities. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Swing Reversal
  • Pre­ferred: Bull­ish PA and IB exten­sion up, sus­tained auc­tion. Per­haps a val­ue acceptance. 
• Hypo 2 — Return to Value
  • Pre­ferred: PA rever­sal con­fir­ma­tion at VAL (per­haps even a poke into val­ue hit­ting H4 C‑Sup) before revers­ing. Failed auction. 
• Hypo 3 — Trend Con­tin­u­a­tion (unlike­ly)
  • Pre­ferred: Tak­ing out of LTF demands and mak­ing a swing low. Ib down and sus­tained auction.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.92947
• H4-C‑S 1.2348

ZOIs for Pos­si­ble Long

• D1-C‑D 1.91298

Mind­ful Trading

• Feel­ing okay. Not look­ing to force any trades even though I have had only 5 trades this month. It is the last week of the month so unless some­thing is super clear I am stay­ing out. 

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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