14 Jan Premarket Prep GBPNZD 01142021
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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 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
- Yesterday’s High 1.90606
- Yesterday’s Low 1.88960
- W1 C‑sup within value above VAL at H4 QHi
- ADR 0.5 and Exhaustion at VAH
- LN open
- Below Value, Within Range
- Open distance to value
- Moderate Imbalance. Close proximity to VAL so might see value acceptance to further confirm the D1 phase 2 still having some momentum behind it.
- LN open
- Clarity (1–5, 5 being best)
- 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.
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
- 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