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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.
