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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
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Only price-action based exit rules (or if hit time stop comes earlier)
- Otherwise a Bart Simpson exercise
Compared against Weekly Trading Plan
- Price trading above last week’s body but within range
Non-conjecture observations of the market
- Price action
- D1 Three Inside Up closing within D1-C‑S 1.95526 at D1 QHi
- H4 Consolidation with Bear Engulf giving H4-C‑S 1.95859 at D1 QHi, within H4 QHi
- Trend: H4 Up, D1 Down, W1 Up
- Prevailing trend: Mixed Trend
- Market Profile
- 2‑day overlapping values
- Daily Range
- ADR: 1326
- ASR: 1027
- 26
- Day
- Yesterday’s High 1.96213
- Yesterday’s Low 1.94553
Sentiment
- Locations
- H4-C‑S 1.95859 within value at VAH
- Sentiment
- LN open
- Within Value
- Open distance to value
- N.A.
- Premarket
- H4 continued below the bear engulf but closed above VWAP and is still trading within H4 QHi
- Narrative
- Balancing Market.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Balancing Market
- Narrative: open sentiment
- Preferred: Play off LTF SD and ADR levels
- Con: H4 bear engulf might see continuation down
- Hypo 2 — Value Rejection Down
- Narrative: Continuation to H4 Bear Engulf
- Preferred: Strong Bearish PA closing below VAL coinciding with IB extension down
- Con: Lotf os LTF demand int he way to a good profit target
- Hypo 3 — Value Rejection Up
- Narrative: Continuation to W1 Bull Engulf
- Preferred: Strong Bullish PA closing above VAH coinciding with IB extension up taking out LTF supplies
- Con: Open sentiment
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- H4-C‑S 1.95859
- D1-C‑S 1.95526
ZOIs for Possible Long
- D1-C‑D 1.94600
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
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Only price-action based exit rules (or if hit time stop comes earlier)
- Otherwise a Bart Simpson exercise
- 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