05 May Premarket Prep USDCAD 05052020
This is my premarket prep for today’s European session for the Forex pair USDCAD. This prep builds off of my weekly trade plan I made here:
The purpose of a premarket prep is to make alterations to my weekly trading plan and adjust a certain bias if need be.
These were the hypotheticals in my weekly trading plan:
- Swing Reversal H4 Supply ZOI (completed 60%)
- Price action confirming on H4 rejecting H4 Supply ZOI
- Possible short entry around 1.417
- Targets 1.411, 1.406, 1.402, extended target 1.396
- M30 VWAP BD (completed 100%, targets hit during NY)
- Price action + MP extending IB confirming a break below VWAP
- Possible short around 1.406
- Targets 1.402, 1.396
- Prev. Day High Reversal
- M30 Price action + MP extending IB confirming rejection
- Possible short around 1.409
- Targets 1.406, 1.402, 1.396
Observations of the market
- Daily chart is showing an Evening star within D1 Supply ZOI just above conterminous line 1.406
- D1/H4 QHi Swing reversal in line with weekly thesis
- H4 Range with higher volatility in play still
- Price getting close enough to H4 VWAP that it could find buyers on the medium term but on the short term it could still BD from H4 supply 1.405–1.409, will need further confirmation on M30
- Price below M30 VWAP in lower half of KC range, 2nd test of M30 Demand ZOI 1.405–1.406 during AS (less reliable)
- Market Profile
- AS opened below prev. Day VAL but within range and then tested prev. Day Low with a developing double distribution
- Price currently below EU VAL + range
- Price currently below US VAL but within range
Today’s hypotheticals
- BD Prev. Day Low / D1 Conterminous Line (short)
- London open below PVAL + Range, IB extension to downside (price action confirming) indicating continuation and BD H4/M30 Demand ZOI
- Targets 1.404, 1.4027
- Range bound 1.404–1.408
Trade will either hit my target or I will close off with time-based stop loss at noon London time regardless of where the trade is.
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