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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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Weekly Focus Points
- Min. 3 times hitting the gym + mandatory cardio
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
Compared against Weekly Trading Plan
- Trading at last week’s body low, possible base in the making although still have a few days left
Non-conjecture observations of the market
- Price action
- Price is trading below the Inside Bar with long buying wick created after reacting off D1 supply giving an as of yet unconfirmed D1-C‑S 1.94297 (would need one more day to confirm)
- H4 Bull Engulf formed at H4-C‑D 1.93717 with no continuation higher instead a meandering back down
- Trend: H4 up, D1 down, W1 up
- Prevailing trend: Mixed Trend
- Market Profile
- 2 slightly overlapping values after a UT
- Daily Range
- ADR: 1282
- ASR: 1007
- 26
- Day
- Yesterday’s High 1.94745
- Yesterday’s Low 1.93524
Sentiment
- Locations
- H4-C‑D 1.93717 at VAL
- Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.1xASR
- Premarket
- Slight break down from H4 consolidation not a strong finisher at all
- Narrative
- Moderate Imbalance. Although due to the value acceptance during IB there might be a rotation down. A big con is H4 demand at VAL coinciding with H4 VWAP.
- LN open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Value Acceptance
- Narrative: Open sentiment and slight move down on H4 after earlier H4 QHi was rejected
- Preferred: Early acceptance and quick follow-through, monitor for a possible break below value taking out demand
- Con: H4 demand at VAL
- Hypo 2 — Return to Value
- Narrative: H4 demand at VAL, D1 Inside Bar with long buying wick
- Preferred:
- Con: Trading into supply
- Hypo 3 — Responsive Activity
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- D1-C‑S 1.94900
- D1-C‑S 1.94297 Unconfirmed
ZOIs for Possible Long
- H4-C‑D 1.93717
- D1-C‑D 1.92921
Mindful Trading (lack of sleep?)
- Again didn’t sleep the best so the focus is not on taking trades unless something really jumps out. Otherwise I will just sit and observe.
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Feeling okay with NOT trading
- Have ‘quieter’ weekends
- Weekly Goal
- Min. 3 times hitting the gym + mandatory cardio
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or hit time stop)
- M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- 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