Premarket Prep GBPNZD 08052020

#pre­mar­ket­prep #trad­ing­forex #forex #FX #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 32 Trad­ing Plan

See more

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

Non-con­jec­ture obser­va­tions of the market

• D1-C‑S 1.97293 was formed through D1 Bear Engulf coin­cid­ing with H4 Bear Engulf after reject­ing over­head sup­ply H4-C‑S 1.97489
• H4 closed below VWAP with drop and base for the first time but still trad­ing with­in demand ZOI and need AS to close to see if we have anoth­er drop
• Mar­ket Profile
  • Since Fri­day val­ue has been wider than usu­al and has been overlapping
  • Cur­rent­ly price is trad­ing below just VAL but will need to reassess at LN open
  • ASR 109.8 
    • MAX SL (including/excluding spread)
      • Short 33 pips
      • Long 23
  • ADR 137

Com­pared against Week­ly Trad­ing Plan

• Mid MN, W1, and D1 swing
• W1 trad­ing with­in pre­vi­ous week’s body look­ing like an inside bar how­ev­er the week is not fin­ished yet
• H4, D1 trend is up, W1 is down

Hypos

1. Short:
   1. Bounc­ing off new­ly formed H4-C‑S 1.97489 coin­cid­ing with cur­rent  ADR 0.5 location
2. Short:
   1. Open below val­ue with­in range, failed val­ue accep­tance bounc­ing of D1-C‑S 1.97293
3. Long:
   1. Drop to H4-C‑D 1.96348 or H4-C‑D 1.96146 coin­cid­ing with ADR and 4+ TPO struc­ture for a pos­si­ble reversal

Sen­ti­ment — Slight­ly Bearish

Addi­tion­al notes

• Thurs­day
  • BOE Gov Bai­ley Speaks

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.99731
• D1-C‑S 1.97293
• H4-C‑S 1.97489

ZOIs for Pos­si­ble Long

• D1-C‑D 1.97311
• H4-C‑D 1.96348
• H4-C‑D 1.96146

Mind­ful Trading

• Slept okay

Focus Points for trad­ing development

• Week­ly Goal
  • Have cor­rect SL place­ment and posi­tion sizing
  • Trade idea con­sid­er­ing mar­ket con­text based on larg­er time frame analysis 
• Risk Man­age­ment
  • 1 allowed prod­ucts, no rules under active experimentation
    • GBPNZD
  • 1 active opened positions
  • 3 trades with 1% risk
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING