Premarket Prep USDCAD 05282020

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/2020/05/23/usdcad-week-22-trading-plan/

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

Non-conjecture observations of the market

After a big drop from rejecting W1 QHi we took out Daily demand but yesterday we stayed around this level
Bounce off of previous H4 Demand (1.37297) with Bull Engulf but no follow through and created another conterminous supply at 1.37783
- Price below KC and VWAP
Price tested new H4 conterminous supply 1.37783 during Asia session after creating some demand with new H4 conterminous demand 1.37525
Market Profile
- London opened within value

Compared against Weekly Trading Plan

Sentiment – Bearish

ZOIs for Possible Shorts

ZOIs for Possible Long

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
- Entry on TPO break of IB
- Early entry with price action confirmation at
  - H4 conterminous
  - Open far from value, anticipating a move back to value using an engulfing + subsequent break of TPO
- 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

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