Premarket Prep GBPNZD 12182020

18 Dec Premarket Prep GBPNZD 12182020

#fin­twit #order­flow #day­trad­ing pre­mar­ket­prep #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #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 51 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. Unless there is a momen­tum play.

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing above MN-C‑D 1.89659
• Price returned to W1 C‑sup BASE

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 closed inde­ci­sive as a consolidation 
  • Messy price action with no fol­low-through on H4 pos­si­ble Phase 3
  • Price still above H4 VWAP and closed trad­ing slight­ly down premarket
• Mar­ket Profile
  • 2 day brack­et­ing range
  • ADR: 1591
  • ASR: 1344
    • 34
  • Day
    • Yes­ter­day’s High 1.90470
    • Yes­ter­day’s Low 1.89198

Sen­ti­ment

• Loca­tions
  • 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 yesterday’s high
• Sen­ti­ment
  • LN open
    • With­in value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing mar­ket. Although M30 closed as Bear Engulf at VAL so might see a con­tin­u­a­tion to the move down. Near­by D1 C‑sup and (new­ly formed H4 sup­ply), Asia trad­ing slight­ly high­er, Fri­day sell off, might prove in favor of the same bias. 
• 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
  • H4 VWAP in UT might prove reactive
  • Pre­ferred: A close deep into over­head demand, sus­tained auction.

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

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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