Premarket Prep GBPNZD 07312020

31 Jul Premarket Prep GBPNZD 07312020

#pre­mar­ket­prep #trad­ing­forex #forex #FX #day­trad­ing #trad­inglifestyle #day­trader­life #GBPNZD 

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for the Forex pair GBPNZD. This prep builds off of my week­ly trade plan I made here:

GBPNZD Week 30 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 pro­longed down­trend price went in a range and has final­ly bro­ken that range to the upside and price is trad­ing above UKC for the first time
• No new dai­ly sup­ply zones created
• New H4 demand formed with H4-C‑D 1.94786 and H4-C‑D 1.94183 before reach­ing sup­ply at H4-C‑S 1.96375
• H4 Bear Engulf at H4-C‑S 1.96375 with con­se­quent pull­back and imme­di­ate bull engulf back test­ing over­head sup­ply again form­ing some new demand right under­neath with H4-C‑D 1.96120
• Mar­ket Profile
  • Clear uptrend how­ev­er cur­rent­ly price is trad­ing with­in val­ue, will need to reassess at LN open

Com­pared against Week­ly Trad­ing Plan

• MN
  • Month­ly clean arrival at MN-C‑D 1.89696 (with under­ly­ing Q1 QLo) and saw some ini­tial reaction
  • Mid swing MN1 Q
  • Test­ing MN VWAP after we broke down last month
• W1
  • Con­sol­i­da­tion with bull engulf last week W1-C‑D 1.92026, might be in process of a VWAP mean reversion

Sen­ti­ment — Neu­tral to Slight­ly Bearish

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.96375

ZOIs for Pos­si­ble Long

• H4-C‑D 1.96120
• H4-C‑D 1.94786
• H4-C‑D 1.94183
• D1-C‑D 1.91540
• H4-C‑D 1.92006
• H4-C‑D 1.92716
• W1-C‑D 1.92026

Mind­ful Trading

• I slept okay last night.

Focus Points for trad­ing development

• Week­ly Goal
  • Have cor­rect SL place­ment and posi­tion sizing
• Risk Man­age­ment
  • 3 allowed products
    • Crude
    • GBPNZD
    • DAX
  • 2 active opened posi­tions — not on the same product
  • 2% dai­ly loss limit
  • 3 trades allowed if ‘in the zone’
  • Only trade off M30 can­dles or momen­tum plays
  • After 4 los­ing trades in a week reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING