Premarket Prep GBPNZD 07142020

#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:

GBPNZD – Week 29 Trad­ing Plan

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

Non-con­jec­ture obser­va­tions of the market

• Big sell off yes­ter­day cre­at­ing H4-C‑S 1.92423 to D1 QLo form­ing an inside bar H4-C‑D 1.91671 and retrac­ing back to D1-C‑S 1.92116 
• Mar­ket Profile
  • Wide val­ue cre­at­ed yes­ter­day with cur­rent­ly price trad­ing within

Com­pared against Week­ly Trad­ing Plan

• Dai­ly con­sol­i­da­tion still in progress although volatil­i­ty pick­ing up with yes­ter­day mak­ing new HH and LL with­in the consolidation
• Price still with­in Week­ly consolidation

Sen­ti­ment — Neutral

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.92486
• H4-C‑S 1.92423
• D1-C‑S 1.92116
• H4-C‑S 1.92098

ZOIs for Pos­si­ble Long

• H4-C‑D 1.91671
• MN-C‑D 1.89577
• D1-C‑D 1.91306

Mind­ful Trading

• Feel­ing okay. Haven’t been sleep­ing too well these last few days but that’ll straight­en itself out with get­ting back into a nor­mal routine. 

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
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING