Premarket Prep GBPNZD 01142021

14 Jan Premarket Prep GBPNZD 01142021

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #GBPNZD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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 2 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

• Retrac­ing pre­vi­ous week’s down move trad­ing above MN demand

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Phase 2 still in progress hav­ing tak­en out D1 sup­ply and yet again react­ing off over­head sup­ply (D1-C‑S 1.90528)
  • H4 Bear­ish Inside Bar formed at W1 C‑sup giv­ing new sup­ply at H4-C‑S 1.89786 with no imme­di­ate fol­low-through. Instead a con­sol­i­da­tion below supply. 
  • H4 VWAP in UT
  • H4 test­ed  under­ly­ing demand H4-C‑D 1.89281 for a 2nd time and closed as a Bull Engulf with long buy­ing wick. 
• Mar­ket Profile
  • Slight­ly less wide val­ue area formed on top of pre­vi­ous one with cur­rent­ly price trad­ing below value
  • ADR: 1289
  • ASR: 955
    • 25
  • Day
    • Yes­ter­day’s High 1.90606
    • Yes­ter­day’s Low 1.88960

Sen­ti­ment

• Loca­tions
  • W1 C‑sup with­in val­ue above VAL at H4 QHi
  • ADR 0.5 and Exhaus­tion at VAH
• Sen­ti­ment
  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.1xASR
  • Sen­ti­ment
    • Mod­er­ate Imbal­ance. Close prox­im­i­ty to VAL so might see val­ue accep­tance to fur­ther con­firm the D1 phase 2 still hav­ing some momen­tum behind it. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Acceptance
  • Pre­ferred: Ear­ly accep­tance with quick rota­tion exhaust­ing ADR
• Hypo 1b — Con­tin­u­a­tion to 1a
  • Pre­ferred: IB exten­sion up with sus­tained auc­tion. Pos­si­ble Low/medium activ­i­ty day.
• Hypo 2 — Return to Value
  • W1 C‑sup at VAL
  • Pre­ferred: Bear­ish price action con­firm­ing rever­sal, IB exten­sion down with sus­tained auction. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1.90104
• H4-C‑S 1.89786

ZOIs for Pos­si­ble Long

• H4-C‑D 1.88629
• D1-C‑D 1.87573
• 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

• Twit­ter
• Insta­gram