Premarket Prep GBPNZD 07072020

07 Jul Premarket Prep GBPNZD 07072020

#pre­mar­ket­prep #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

• D1 trad­ed slight­ly low­er and formed a longer sell­ing wick how­ev­er look­ing weak
• H4 took out pre­vi­ous con­ter­mi­nous H4-C‑S 1.90879 con­sol­i­da­tion + BD and formed a new one with exact­ly the same con­ter­mi­nous through big inside bar and push away
• H4-C‑D 1.90530 Inside Bar cre­at­ed after a failed con­tin­u­a­tion down
• Pos­si­ble indi­ca­tion of the end of phase 4 on medi­um to larg­er time frames
• Mar­ket Profile
  • After down­trend­ing pro­files yesterday’s pro­file tried to break up and we might set­up a short-term side­wise market
  • Yesterday’s pro­file could be inter­pret­ed as a P‑shape profile
  • Price cur­rent­ly below val­ue but with­in (fair­ly wide) range. Will need fur­ther assess­ment at open

Com­pared against Week­ly Trad­ing Plan

• Below W1 LKC and extend­ed away from VWAP
• Very close to MN demand 

Sen­ti­ment — Neu­tral to Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.90879 con­sol­i­da­tion + BD
• H4-C‑S 1.91441
• D1-C‑S 1.92077
• D1-C‑S 1.93071
• D1-C‑S 1.95234

ZOIs for Pos­si­ble Long

• H4-C‑D 1.90530 Inside Bar
• D1-C‑D 1.91314
• MN-C‑D 1.89650
• W1-C‑D 1.85887

Focus Points for trad­ing development

• Week­ly Goal
  • Cor­rect posi­tion sizing
  • Trades pri­or­i­ty: 1) let mar­ket pro­file guide 2) M30 con­fir­ma­tion (watch out for ‘Bil­ly No Mates’)
• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • Only trade off M30 candles
  • 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