Premarket Prep GBPNZD 12232020

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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 52 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

• 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. 
• 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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