Premarket Prep GBPNZD 12032020

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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 below last week’s body with no W1 demand in imme­di­ate proximity

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 closed down slight­ly deep­er into under­ly­ing demand D1-C‑D 1.89128
  • H4 Phase 1 through con­sol­i­da­tion with weak fin­ish­er plus price is still trad­ing below H4 VWAP
• Mar­ket Profile
  • The ASR is too tight to trade. Price is trad­ing above val­ue after hav­ing below the brack­et­ing range.
  • ADR: 1242
  • ASR: 824
    • 21
  • Day
    • Yes­ter­day’s High 1.90183
    • Yes­ter­day’s Low 1.88706

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1.89269 at VAH and D1-C‑D 1.89128 at PPOC
  • MN-C‑D 1.89659 at ADR 0.5 High
  • ADR exhaus­tion high at yesterday’s high with H4-C‑S 1.90363 nearby
  • H4-C‑D 1.88801 below VAL inside range
• Sen­ti­ment
  • LN open
    • Above Val­ue, Inside Range
  • Open dis­tance to value
    • 0.0 x ASR
  • Sen­ti­ment
    • Bal­anc­ing mar­ket. LN open right at VAH and H4/D1 C‑dems at val­ue we could see a quick rota­tion in case of val­ue accep­tance before trad­ing high­er. In case of a hold below H4-C‑D 1.88801 we could see a con­tin­u­a­tion down.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Val­ue Acceptance
  • Pre­ferred: Ear­ly accep­tance with quick rotation. 
• Hypo 2 — Swing Reversal
  • Last H4 can­dle closed as a pos­si­ble BASE, cur­rent­ly an Inside Bar. With price open­ing just above VAH (near­by H4/D1 C‑dems) we could see a move high­er if:
  • Pre­ferred: strong M30 rever­sal pat­tern to the slight move down pre-mar­ket. Sus­tained auc­tion. Tak­ing out LTF supply. 

Addi­tion­al notes

• ASR is kin­da tight. 

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.90363
• H4-C‑S 1.89951

ZOIs for Pos­si­ble Long

• MN-C‑D 1.89659
• H4-C‑D 1.89269
• D1-C‑D 1.89128
• H4-C‑D 1.88801

Mind­ful Trading

• Didn’t sleep well last night but 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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