Premarket Prep USDCAD 05112020

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:

http://bearmarkettrader.com/2020/05/09/usdcad-week-20-trading-plan/

The purpose of a premarket prep is to find setups within my weekly trade plan bias.

Non-conjecture observations of the market

D1 Conterminous Supply Prev. Bear Engulf 1.40364 possibly a good location for a pullback
H4 Conterminous Supply line at 1.39378 and PVAL confluence but need TPO confirmation

Sentiment – Bearish

ZOIs for Possible Shorts

ZOIs for Possible Long

D1/H4 QLo after confirmation of D1 or H4 bullish price action triggering a possible swing reversal in line with larger time frame trend being up

Focus Points for trading development

Exit rules
- Option 1: hold trade until noon (London time)
- Option 2: Target hit (SL or x2 TP)
- NO OPTION 3
  - UNLESS a trade is entered within 1 hour or half hour before the hard exit rule option 1
Entry rules
- Use TPO confirmation or invalidation for directional decisions by looking for a
  - TPO extension with a sustained move (BO from IB)
  - TPO extension with failed auction (return to IB)
  - How this direction of TPO extension relates to Value Area open sentiment
- 09:00-10:30 – Time period for entry based on M30 and higher price action confirmation in conjunction with market profile and trade locations
- 10:30-12:00 – Entry can be based on lower time frame price action (but stops and further analysis on M30) at higher time frame trade locations with market profile and daily range
- No starting at M5 chart
- Trade needs to have a target that has the chance of hitting min. X2 R/R
I will post trades including:
- Trade location
- Price action entry condition
- What were TPOs doing at the time
- With screenshot
Learn how to use the Session Range Exhaustion
Keep own approach of KC, VWAP as odd enhancers instead of hard trade locations

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