23 Dec Premarket Prep GBPNZD 12232020
#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:
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
- Returned to W1 sup base level and trading higher
Non-conjecture observations of the market
- Price action
- Follow-through on D1 move higher reacting to overhead supply leaving behind a longer selling wick trading slightly within supply
- H4 Three Outside Down at H4-C‑S 1.90486 (coinciding with H4 200MA) with no follow-through. Instead new demand created through H4 Inside Up giving H4-C‑D 1.89547
- H4 closed as Bear Engulf at D1 C‑sup premarket giving new H4-C‑S 1.89920
- Market Profile
- Price returned to previous overall bracket
- ADR: 1431
- ASR: 1233
- 31
- Day
- Yesterday’s High 1.90680
- Yesterday’s Low 1.89133
Sentiment
- Locations
- H4-C‑S 1.90486 at ADR 0.5 high above VAH
- H4-C‑D 1.89547 below VAL near ADR 0.5 low
- H4-C‑S 1.89920 within value near VAL
- Sentiment
- LN open
- Within Value
- Open distance to value
- N.A.
- Sentiment
- Balancing Market. Although due to newly formed H4 C‑sup we could see a rejection down.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Balancing Market / Value Rejection Failure
- Play off nearby ADR 0.5, LTF SD ZOIs
- Hypo 2 — Value Rejection Down
- Preferred: Confident close below VAL, IB extension Down with sustained auction. Probable low/medium initiative activity
Additional notes
- Brexit talks are still on
ZOIs for Possible Shorts
- H4-C‑S 1.90486
- H4-C‑S 1.89920
ZOIs for Possible Long
- H4-C‑D 1.89547
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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