Premarket Prep GBPNZD 06252020

25 Jun Premarket Prep GBPNZD 06252020

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.

Non-con­jec­ture obser­va­tions of the market

• Push up from pre­vi­ous day’s pin bar rejec­tion of W1 QLo. Pre­vi­ous day’s H4 RBR is now D1-C‑D 1.92728 NEW
• H4 sup­ply tak­en out with push to UKC (con­flu­ence with D1 VWAP in DT) and after a almost com­plete retrace­ment formed a new H4-C‑S 1.93551 NEW
• Mar­ket Profile
  • Cur­rent­ly price is trad­ing below val­ue although fair­ly close still

Com­pared against Week­ly Trad­ing Plan

• Still trad­ing with­in last week’s body

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.93551 NEW

ZOIs for Pos­si­ble Long

• D1-C‑D 1.92728

Focus Points for trad­ing development

• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • Trad­ing Priority
    • FX pair out­side value
    • FX pair inside > Gold
    • 2+R prof­it dur­ing LN con­sid­er trad­ing PNYC
  • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits