13 Jan Premarket Prep GBPNZD 01132021
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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:
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
- Retracing previous week’s down move but still within MN demand (although nearing c‑line)
Non-conjecture observations of the market
- Price action
- D1 Phase 2 with yesterday leaving behind a longer selling wick
- H4 Bear Engulf formed after nearing W1-C‑S 1.90104 (1st test) giving H4-C‑S 1.89357 with little follow-through. Price traded from within H4 QHi to close below with a consequent Bull Engulf was formed testing overhead supply again giving H4-C‑D 1.89281.
- H4 closed higher into overhead supply premarket
- Market Profile
- Profiles expanding (up) with yesterday’s value wider than usual (60+ pips)
- ADR: 1279
- ASR: 953
- Yesterday’s High 1.89930
- Yesterday’s Low 1.88396
- H4-C‑D 1.89281 within value
- H4-C‑D 1.88629 below value, within range
- LN open
- Within Value
- Open distance to value
- Balanced. Although with a possible D1 phase 2 we could see a continuation to the move as H4 closed deeper into supply as well. If we take out newly formed H4 demand this would negate the balancing to bullish premise.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Balancing Market
- Play off nearby LTF SD and ADR levels.
- Hypo 2 — Trend Continuation / Value Rejection Up
- Preferred: Strong Bullish price action (as we are trading directly into supply), IB extension up and sustained auction taking out H4 supply.
- Con: W1 C‑sup above
- Hypo 3 — Value Rejection Down
- Preferred: Strong close within demand, IB extension down taking out demand.
- Hypo 4 — Swing Reversal
- Preferred: IB extension up with price action reversal failing auction and quick follow-through
ZOIs for Possible Shorts
- W1-C‑S 1.90104
- H4-C‑S 1.89357
ZOIs for Possible Long
- H4-C‑D 1.88629
- D1-C‑D 1.87573
- W1-C‑D 1.85877
- 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