Premarket Prep GBPNZD 20210315

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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 11 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

• Only trade the main account
• Focus on time-based exits
• Don’t look at M5 chart unless with­in the last hour of trad­ing window

Com­pared against Week­ly Trad­ing Plan

• Trad­ing with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Con­sol­i­da­tion continued
  • H4 con­sol­i­da­tion clos­ing below H4 QHi, although trad­ing with­in D1 Qhi
  • Pre­mar­ket: closed as a H4 spin­ning top
• Trend: H4 Down, D1 Down, W1 Down
• Mar­ket Profile
  • Price cre­at­ed val­ue below over­all range on Thurs­day to Return again with­in the over­all range on Friday
  • ADR: 1192
  • ASR: 1040
    • 26
  • Day
    • Yes­ter­day’s High 1.94264
    • Yes­ter­day’s Low 1.93393

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1.94100 at VAH with­in M30 QHi
  • H4-C‑D 1.93065 at M30 QLo
• Sen­ti­ment
  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.3xASR
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. Pos­si­ble H4/D1 Phase 3 and H4 con­sol­i­da­tion break­ing down. Price could see a move low­er. Although Asia has tak­en it lower.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Return to Value
  • Nar­ra­tive: Open sen­ti­ment and H4 con­sol­i­da­tion with break down from H4 QHi, pos­si­ble H4/D1 Phase 3
  • Pre­ferred: Bear­ish price action with IB exten­sion down and sus­tained auc­tion tak­ing out H4 supply.
  • Con: Lots of demand under­neath and price is not quite at M30 QLo
• Hypo 2 — Val­ue Acceptance
  • Nar­ra­tive: Con­sol­i­da­tion continued
  • Pre­ferred: Ear­ly accep­tance with quick follow-through
  • Con: Price mid M30 swing after reject­ing H4 Qhi

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94100 (old)
• D1-C‑S 1.92964

ZOIs for Pos­si­ble Long

• H4-C‑D 1.93065

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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