27 Apr Premarket Prep GBPNZD 20210427
#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
- 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
- W1 Phase 4 nearing W1 QLo / W1 VWAP trading below last week’s body and range
Non-conjecture observations of the market
- Price action
- D1 DBD closing deep within D1-C‑D 1.92900 trading at D1 LKC and W1-C‑D 1.92120
- H4 Bear Engulf at H4 VWAP in DT giving H4-C‑S 1.92671 closing deeper into H4 demand with some reaction and consequent reversal at H4 swing low
- Price trading within H4 QLo
- Trend: H4 Up, D1 Down, W1 Up
- Prevailing trend: Mixed Trend
- Market Profile
- Value in DT where some have been touching and yesterday’s value was 0.75xASR wide
- Daily Range
- ADR: 1118
- ASR: 1049
- 26
- Day
- Yesterday’s High 1.93180
- Yesterday’s Low 1.91784
Sentiment
- Locations
- H4-C‑S 1.92671 at VAH
- W1-C‑D 1.92120 at VAL
- Sentiment
- LN open
- Within Value
- Open distance to value
- N.A.
- Premarket
- Closed as a H4 doji with slightly longer buying wick, possible base, coming from W1 demand.
- Narrative
- Balancing Market. Although premarket there has been a move away from W1 demand. Wide Value created signaling a possibility for more interest at these levels.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Balancing Market
- Narrative: open sentiment
- Preferred: Play off LTF SD and ADR levels, H4 c‑sup
- Con: No bracket, at the end of a DT, possibility for a reversal here
- Hypo 2 — Value Rejection Up
- Narrative: Wide value created in a DT at W1 demand trading within D1 demand, premarket traded up.
- Preferred: Strong bullish PA with IB extension up and sustained auction closing above VAH
- Con: Open at VAL, H4 C‑sup
- Hypo 3 — Value Rejection Down
- Narrative: Continuation to W1 Phase 4
- Preferred: Strong bearish PA, IB extension down with sustained auction taking out H4 demand
- Con: trading into W1/D1 demand
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- H4-C‑S 1.92671
ZOIs for Possible Long
- D1-C‑D 1.92900
- W1-C‑D 1.92120 (possible BASE)
Mindful Trading (lack of sleep?)
- Feeling okay although not a 100%
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
No Comments