Premarket Prep GBPNZD 10132020

13 Oct Premarket Prep GBPNZD 10132020

#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 42 Trad­ing Plan

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

Week­ly Focus Points

• Only trade off M30/M15 for entries. M30, time-based, or look for exits after 2 hours (4 TPOs). Unless the entry is real­ly late.
• SL place­ment
  • Add spread for shorts, sub­tract for longs

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing above W1-C‑D 1.94836 Base and last week’s body but with­in range

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 closed back into over­head supply
  • H4 large bull engulf (giv­ing H4-C‑D 1.95875) reach­ing for H4-C‑S 1.96573, no fol­low-through, instead con­sol­i­da­tion with Bear Engulf with longer sell­ing wick
• Mar­ket Profile
  • Brack­et­ing
  • ADR: 1362
  • ASR: 1299
    • 33
  • Day
    • Yes­ter­day’s High 1.96816
    • Yes­ter­day’s Low 1.95375
    • Cur­rent­ly above val­ue with­in range

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1.95875 BASE at VAH and ADR 0.5 low
  • H4-C‑D 1.95532 at VAL and LTF demand
• Sen­ti­ment
  • LN open
    • Above val­ue, with­in range
  • Open dis­tance to value
    • 0.2xASR
  • Sen­ti­ment
    • Mod­er­ate Imbal­ance, but com­ing off the rever­sal at range high and fol­low through from over­head sup­ply and H4 QHi we might see a con­tin­u­a­tion down. More con­fi­dence if we close below H4-C‑D 1.95875 BASE. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Accep­tance (short)
  • If ‘deep close’ I will wait for a retest of edge. Not much demand under­neath until VAL. 
• Hypo 2 — Return to val­ue (long)
  • H4-C‑D 1.95875 at VAH and ADR 0.5 
  • Pre­ferred: PA rever­sal, slight exten­sion down, failed auc­tion and fol­low-through extend­ing over the top.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.96573
• D1-C‑S 1.96399

ZOIs for Pos­si­ble Long

• H4-C‑D 1.95532

Mind­ful Trading

• Feel­ing tired. Didn’t get ade­quate sleep. 

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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