Premarket Prep GBPNZD 12172020

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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 51 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. Unless there is a momen­tum play.

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing with­in last week’s body test­ing W1-C‑S 1.89500 BASE (round number)

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Dai­ly closed slight­ly high­er (@VWAP) leav­ing a slight­ly longer sell­ing wick behind. 
  • H4 Bear Engulf reject­ing pre­vi­ous H4-C‑S 1.90471 (near round num­ber) with con­se­quent fol­low-through return­ing to H4-C‑D 1.89358 (and H4 VWAP in UT) with unclean arrival
  • H4 closed as a con­sol­i­da­tion premarket
• Mar­ket Profile
  • 2nd day of a wide val­ue area cre­at­ed, this time on top of Tuesday’s (Mon, Tue bracketing)
  • ADR: 1639
  • ASR: 1392
    • 35
  • Day
    • Yes­ter­day’s High 1.90923
    • Yes­ter­day’s Low 1.89106

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1.89358 near VAL with­in range
  • D1-C‑S 1.89847 with­in val­ue at PPOC
  • H4-C‑S 1.90471 at VAH
  • ADR 0.5 Low at yesterday’s low (not ses­sion low)
  • ADR 0.5 High above VAH and H4-C‑S 1.90471
• Sen­ti­ment
  • LN open
    • With­in value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing market
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Bal­anc­ing market
  • Play off near­by LTF SD ZOIs or ADR 0.5
• Hypo 2 — Val­ue Rejec­tion Down
  • Pre­ferred: Close below VAL and H4 QHi (prefer­ably clos­ing deep into H4 demand), IB exten­sion down with sus­tained auction
  • Con: H4 demand in the way
• Hypo 3 — Val­ue Rejec­tion Up (unlike­ly)
  • Pre­ferred: A close deep into over­head demand

Addi­tion­al notes

• Brex­it talks are still on

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.89847 (near round number)
• H4-C‑S 1.90471 (near round number)

ZOIs for Pos­si­ble Long

• H4-C‑D 1.89358
• H4-C‑D 1.87971

Mind­ful Trading

• Feel­ing okay but going through some­thing per­son­al. Might decide not to trade unless real­ly clear on a pos­si­ble setup. 

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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