Premarket Prep USDCAD 05062020

06 May Premarket Prep USDCAD 05062020

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:

1. Swing Rever­sal H4 Sup­ply ZOI (com­plet­ed 60%)
   1. Price action con­firm­ing on H4 reject­ing H4 Sup­ply ZOI
   2. Pos­si­ble short entry around 1.417
   3. Tar­gets 1.411, 1.406, 1.402, extend­ed tar­get 1.396
2. M30 VWAP BD (com­plet­ed 100%, tar­gets hit dur­ing NY)
   1. Price action + MP extend­ing IB con­firm­ing a break below VWAP
   2. Pos­si­ble short around 1.406
   3. Tar­gets 1.402, 1.396
3. Prev. Day High Reversal
   1. M30 Price action + MP extend­ing IB con­firm­ing rejection
   2. Pos­si­ble short around 1.409
   3. Tar­gets 1.406, 1.402, 1.396

New changes

• Opened a demo account with LCG and JFD. Try­ing out LCG today. I have one MT4 with this demo account for chart­ing and one MT4 for entries with my bro­ker. On this lat­ter screen I will only keep open the M30 mar­ket pro­file chart. Please advise on how you have set up your software/screens/. I nor­mal­ly pre­fer the trades I take to be on the same I do my chart­ing on. The quotes from my bro­ker is almost iden­ti­cal of that of LCG (dis­crep­an­cy of 0.00002–0.00003 which is negligible).
• Only non-con­jec­ture com­men­tary in pre­mar­ket plan and dur­ing the session.

Non-con­jec­ture obser­va­tions of the market

• MN Ral­ly with no con­ges­tion to upper KC with­in MN Sup­ply ZOI 1.3836–1.4693
• MN inside bar just above con­ter­mi­nous line of 1.3836 from Feb 2016, trad­ing at MN QHi
• W1 reject­ing and trad­ing below W1 Sup­ply ZOI 1.4158–1.4693 just above MN/W QHi, price above upper KC in a rang­ing mar­ket, price above VWAP
• D1 Sup­ply ZOI 1.4093–1.4345 reject­ing with a nor­mal for­ma­tion sup­ply, although price is below D con­ter­mi­nous 1.4093 it seems to have run in to some con­ges­tion at W1 QHi lev­el 1.4032
• H4 rejec­tion of H4 con­ter­mi­nous sup­ply 1.4078 dur­ing the Asian ses­sion as well as trad­ing below VWAP
• Mar­ket Profile
  • Price with­in pre­vi­ous day range high 1.409 low 1.4007
  • AS trad­ing with­in AS and EU PVA indi­cat­ing mar­ket balancing

Sen­ti­ment — Bearish

Trade loca­tions ‑Short

• Yesterday’s high 1.4094
• Below PVAL 1.4017
• H4 Con­ter­mi­nous line 1.4078

Trade loca­tions — Long

• Hold above PVAH
• Yesterday’s low 1.4007

Trade will either hit my tar­get (no more than 25 pips SL) or I will close off with time-based stop loss at noon Lon­don time regard­less of where the trade is.