Premarket Prep GBPNZD 12012020

#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 49 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 trad­ing with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 reac­tive after reach­ing D1-C‑D 1.89128
  • Pos­si­ble H4 Phase 1 and H4 Bull Engulf cre­at­ed dur­ing HK, although reached H4-C‑S 1.90363 (and H4 VWAP) it is reac­tive at the moment. 
• Mar­ket Profile
  • The ASR is too tight to trade. Price is trad­ing above val­ue after hav­ing below the brack­et­ing range.
  • ADR: 1196
  • ASR: 828
    • 21
  • Day
    • Yes­ter­day’s High 1.92794
    • Yes­ter­day’s Low 1.91229

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1.90363 below ADR 0.5 High and LTF Supply
  • MN-C‑D 1.89659 at VAH
  • H4-C‑D 1.89269 at VAL and below ADR 0.5 Low above LTF demand, near
• Sen­ti­ment
  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.x5 ASR
  • Sen­ti­ment
    • Slight­ly large imbal­ance. Price crossed H4 VWAP in DT but there is still a lot of sup­ply above so a rever­sal at H4 C‑Sup is more favored.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Swing Reversal
  • Pre­ferred: PA rever­sal con­firmed, IB exten­sion down. Mon­i­tor for val­ue acceptance.
• Hypo 2 — Continuation
  • Pre­ferred: close above H4 C‑Sup, IB exten­sion  up and sus­tained auction. 

Addi­tion­al notes

• Due to the ASR being too tight I am more about observ­ing today’s ses­sion than actu­al­ly trad­ing. Although if I get in line with the flow of the mar­ket and feel con­fi­dent enough to take a trade I will do so.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.90363

ZOIs for Pos­si­ble Long

• MN-C‑D 1.89659
• H4-C‑D 1.89269
• D1-C‑D 1.89128

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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