24 Feb Premarket Prep GBPNZD 20210224
#fintwit #orderflow #daytrading #premarketprep #GBPNZD #Forextrader #forex #FX #Forexlifestyle #daytrade #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife
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
- Only take trades according to a hypo unless there are multiple conditions met
Compared against Weekly Trading Plan
- Price trading above last week’s body. Too early to say if we could be making a W1 RBR or Evening Star
Non-conjecture observations of the market
- Price action
- D1 consolidation at W1 QLo and D1-C‑D 1.91600 and break higher testing D1-C‑S 1.92730
- H4 consolidation below D1 Qhi (no break above yet) with this Asia trying to break above but closing below forming an Inside Bar with very long selling wick (taking out overhead supply) closing within consolidation.
- Premarket: H4 closed as an Inside Bar with long selling wick
- Mixed Trend: H4 Down, D1 up, W1 down
- Market Profile
- Values within overall range with price currently trading within value
- ADR: 1123
- ASR: 936
- 25
- Day
- Yesterday’s High 1.92761
- Yesterday’s Low 1.91930
Sentiment
- Locations
- D1-C‑S 1.92730 above VAH
- H4-C‑D 1.91865 below VAL and range
- ADR 0.5 high above D1 C‑sup
- ADR 0.5 low below H4 C‑dem
- Sentiment
- LN open
- Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. Due to the open sentiment and H4 consolidation I am more leaning towards a balancing sentiment. Although a retracement to newly formed D1 c‑dem could mean more downside especially after a D1 QHi rejection and failure to close above. Larger sentiment is still hinting for more upside though so need price action and market profile to guide any trading decisions.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Balancing Market
- Preferred: Play off nearby LTF SD and ADR levels.
- Con: D1 QHi rejection
- Hypo 2 — Value Rejection Up
- Narrative: D1 push higher with an early attempt during Asia (although with much push back possibly due to filling orders) we could potentially see a move higher in line with larger timeframe sentiment.
- Preferred: Early Value Rejection with IB extension up and sustained auction
- Con: D1 QHi Rejection
- Hypo 3 — Value Rejection Down
- Narrative: D1 QHi rejection, H4 DBD potentially in the making
- Preferred: Early value rejection down IB extension down and sustained auction
- Con: H4 and D1 c‑dems below
Additional notes
- N.A.
ZOIs for Possible Shorts
- H4-C‑S 1.94113
- D1-C‑S 1.92730
ZOIs for Possible Long
- H4-C‑D 1.91865
- D1-C‑D 1.91600
- W1-C‑D 1.91185
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
No Comments