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Dorchester Center, MA 02124
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
- D1 Bull Engulf withinDemand ZOI having left D1 QLo
- Newly formed H4 conterminous demand 1.39312 after which price left H4 QLo
- Some congestion after leaving
- Market Profile
- After being balanced the last two days price is now currently trading above value
Compared against Weekly Trading Plan
- Weekly Phase 3 still in play however volatility is picking up
- Price below MN/W1 QHi
Sentiment – Slightly Bullish
ZOIs for Possible Shorts
- MN/W1 QHi
- D1 Conterminous Supply
ZOIs for Possible Long
- D1 Conterminous Demand 1.39504
Focus Points for trading development
- Exit rules
- Option 1: Time-based stop
- Option 2: Target hit (SL 20 pips + spread 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
- No consideration of ‘patterns’. Price action + trade location (higher timeframe taking precedence over lower)
- Min. X2 R/R
- Use TPO confirmation or invalidation for directional decisions by looking for in conjunction with H4 conterminous lines
- 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
- I will post trades including:
- Trade location
- Price action entry condition
- What were TPOs doing at the time
- With screenshot
- Keep own approach of KC, VWAP as odd enhancers instead of hard trade locations
