Premarket Prep GBPNZD 07032020 - Bear Market Trader
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Premarket Prep GBPNZD 07032020

Premarket Prep GBPNZD 07032020

#trad­ing­forex #forex #day­trad­ing #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:

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

Non-con­jec­ture obser­va­tions of the market

  • Inde­pen­dence day holiday
  • D1 Bear Engulf D1-C‑S 1.92076
  • H4 con­tin­u­ous move down with no reac­tion from D1 QLo. Instead a DBD Bear Engulf H4-C‑S 1.91369 NEW clos­ing into D1 demand
  • Mar­ket Profile
    • Last few days mar­ket has been brack­et­ing with cur­rent­ly price below val­ue. How­ev­er still fair­ly close to VAL

Com­pared against Week­ly Trad­ing Plan

  • Price at W1 QLo and W1 LKC below pre­vi­ous week’s body
  • Price in the mid­dle of the MN swing, cur­rent­ly near­ing MN demand MN-C‑D 1.89592

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1.92076
  • H4-C‑S 1.92509 NEW
  • D1-C‑S 1.93079 NEW

ZOIs for Pos­si­ble Long

  • D1-C‑D 1.92689 NEW
  • H4-C‑D 1.92484 NEW
  • H4-C‑D 1.91733
  • H4-C‑D 1.91431

Focus Points for trad­ing development

  • Week­ly Goal
    • Cor­rect posi­tion sizing
  • 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

Day trader. Tech geek. Sim Racing Enthusiast.

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