08 May Premarket Prep USDCAD 05082020
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 find setups within my weekly trade plan bias.
Non-conjecture observations of the market
- Trend: MN1 up, W1 up, D1 down
- Monthly Inside bar @ MN1 QHi after clean rally testing this level
- Price above MN conterminous supply line
- No break from W1 QHi yet (candle hasn’t completed yet) after being reactive with W1 Supply ZOI & Weekly conterminous supply line
- Outside of KC in ranging market
- D1 Bearish Engulfing rejecting D1 Supply ZOI & D1 conterminous supply line and reached D1 QLo & D1 Demand Zoi & D1 conterminous demand line
- H4 clean arrival at H4/D1 QLo (near lower KC in ranging market) after taking our previous Q point and forming a new one, no H4 Demand ZOI established yet around this level, next one at D1/H4 swing low 1.385
- M30 clean downtrend, price below VWAP & lower KC
- Market Profile
- Price below yesterday’s low 1.395, VAL & range
Sentiment — Bearish
Possible Trade locations ‑Short
- Below Prev. day low 1.395, M30 VWAP, lower KC
Cons for short
- A hold above Prev. Day low / M30 VWAP cross or BO
- D1 Conterminous demand line being reactive
Objectives Today
- Go with Weekly Trading Plan bias
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