29 Apr Premarket Prep GBPNZD 20210429
#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 with price currently trading below last week’s body and range
- Slight reaction off W1 VWAP and W1-C‑D 1.92120 (possible BASE)
Non-conjecture observations of the market
- Price action
- D1 demand taken out by D1 Bear Engulf giving D1-C‑S 1.92188 right at W1 demand although trading at D1 LKC in R above D1 QLo (no touch yet)
- H4 Bull Engulf at W1 demand but trading below H4 VWAP in DT
- Trading within H4 QLo
- Trend: H4 down, D1 down, W1 up
- Prevailing trend: Trend is down
- Market Profile
- 3‑day bracket
- Daily Range
- ADR: 1043
- ASR: 951
- 24
- Day
- Yesterday’s High 1.93198
- Yesterday’s Low 1.92806
Sentiment
- Locations
- W1 demand at VAL
- ADR exhaustion high just below H4 c‑sup
- Sentiment
- LN open
- Within Value
- Open distance to value
- xASR
- Premarket
- H4 closed higher from Bull Engulf
- Narrative
- Balancing Market. Although price has continued higher from W1 demand (coinciding with W1 VWAP) so there is a possibility for a value rejection up.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Balancing Market
- Narrative: Open sentiment
- Preferred: play off nearby LTF SD and ADR levels
- Con: Possible continuation to H4 move higher
- Hypo 2 — Value Rejection Up
- Narrative: H4 move higher after bull engulf
- Preferred: Strong Bullish Price action with sustained auction closing above VAH
- Con: H4 VWAP in DT, opened at VAL
- Hypo 3 — Value Rejection Down
- Narrative: H4 VWAP in DT, Possible continuation to W1 Phase 4
- Preferred: Strong bearish price action, closing below VAL
- Con: H4 c‑dem
Additional notes
- Capital Preservation Rule in effect
- Caution as end of the month is nearing
ZOIs for Possible Shorts
- H4-C‑S 1.92900
ZOIs for Possible Long
- W1-C‑D 1.92120 (possible BASE)
Mindful Trading (lack of sleep?)
- Feeling okay
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
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING
No Comments