Premarket Prep GBPNZD 01082021

08 Jan Premarket Prep GBPNZD 01082021

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #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 1 Trad­ing Plan

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

Week­ly Focus Points

• Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if pos­si­ble. Unless there is a momen­tum play.

Com­pared against Week­ly Trad­ing Plan

• Trad­ing away from W1 sup­ply deep­er into MN demand arriv­ing at W1-C‑D 1.85877

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 cre­at­ed an Inside Bar with long sell­ing wick (with­in D1 Demand)
  • H4 Bull Engulf at pre­vi­ous H4-C‑D 1.86623 clos­ing above H4 QLo with no fol­low-through. Instead an Inside Bar with longer sell­ing wick cre­at­ing new sup­ply giv­ing H4-C‑S 1.87132 and return­ing to pre­vi­ous H4-C‑D 1.86623
  • Price trad­ing with­in D1 QLo right on top of H4 QLo
  • H4 con­sol­i­da­tion above H4 QLo with pre­mar­ket break­ing up
• Mar­ket Profile
  • P shaped pro­file cre­at­ed val­ue right on top of the pre­vi­ous day’s value
  • ADR: 1345
  • ASR: 980
    • 25
  • Day
    • Yes­ter­day’s High 1.87864
    • Yes­ter­day’s Low 1.86262

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1.87132 with­in val­ue at VAL
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Open with­in would mean a bal­anc­ing mar­ket how­ev­er with the price action pre­ced­ing it we might see a con­tin­u­a­tion to the move ie. val­ue rejec­tion up. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Swing Rever­sal / val­ue rejec­tion up 
  • Pre­ferred: Ear­ly val­ue accep­tance tak­ing out LTF sup­ply (got tak­en out pre­mar­ket), quick rota­tion, OR Val­ue rejec­tion up. IB exten­sion up with sus­tained auc­tion, tak­ing out LTF sup­ply exhaust­ing ADR
  • Con: new­ly formed H4 sup­ply right above which would be negat­ed by a val­ue accep­tance for the short to medi­um term. 
• Hypo 2 — Bal­anc­ing Market
  • Pre­ferred: Play off near­by LTF SD and ADR levels
• Hypo 3 — Trend Continuation
  • Pre­ferred: Strong bear­ish price action hold­ing with­in under­ly­ing demand. IB exten­sion down
  • Con: lots of demand below mak­ing this very risky.

Addi­tion­al notes

• Non-farm today

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.88284
• H4-C‑S 1.87132

ZOIs for Pos­si­ble Long

• D1-C‑D 1.87573
• H4-C‑D 1.86623
• W1-C‑D 1.85877

Mind­ful Trading

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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