Premarket Prep GBPNZD 07172020

17 Jul Premarket Prep GBPNZD 07172020

#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

• No con­tin­u­a­tion to pre­vi­ous D1 Bear Engulf instead an almost com­plete retrace­ment away from W1 QLo
• Price still con­sol­i­dat­ing around D1 VWAP
• H4 Bull Engulf con­ter­mi­nous right on pre­vi­ous old demand ZOI with H4-C‑D B.E. 1.91430. Fol­lowed by big move into H4-C‑S 1.92097 but no fol­low-through instead consolidation
• Mar­ket Profile
  • After a slight exten­sion down from brack­et­ing range a big move back into the range
  • Very wide val­ue area yes­ter­day cur­rent­ly trad­ing around 25 ticks away above VAH

Com­pared against Week­ly Trad­ing Plan

• Price still with­in Week­ly consolidation

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.92097
• D1-C‑S 1.91953

ZOIs for Pos­si­ble Long

• H4-C‑D B.E. 1.91430
• D1-C‑D 1.91306
• D1-C‑D 1.90732
• MN-C‑D 1.89577

Mind­ful Trading

• Sleep was okay but still took a nap mid­day. Feel­ing okay.

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