Premarket Prep GBPNZD 10222020

22 Oct Premarket Prep GBPNZD 10222020

#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 43 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.

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing above MN C‑Sup after hav­ing been test­ed mul­ti­ple times
• W1 is trad­ing above last week’s range with 2 more days to go

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Phase 2 trad­ing high reached UKC near­ing 200MA and ini­tial reach for D1-C‑S 1.98108 proven reactive
  • Large Bull Engulf giv­ing H4-C‑D 1.96359 phase 2, although not the clean­est move but trad­ed high­er still until react­ing off D1-C‑S 1.98108. 
• Mar­ket Profile
  • Yes­ter­day open below val­ue fol­lowed by VAA and slow grind higher 
  • ADR: 1324
  • ASR: 1129
    • 29
  • Day
    • Yes­ter­day’s High 1.97615
    • Yes­ter­day’s Low 1.96144
    • Cur­rent­ly above val­ue, out­side range

Sen­ti­ment

• Loca­tions
  • D1-C‑S 1.98108 at ADR 0.5 high
  • ADR 0.5 Low and Exhaus­tion at VAL
  • H4-C‑D 1.96359 below VAL 
  • H4-C‑S 1.97419 at 
• Sen­ti­ment
  • LN open
    • With­in val­ue, right below VAH
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing mar­ket, how­ev­er the move was ini­ti­at­ed from high­er up after D1 C‑Sup proved reac­tive. Plus nel­ly formed H4-C‑S 1.97419.
• Clar­i­ty (1–5, 5 being best)
  • 2
• Hypo 1 — Swing Rever­sal  (long), 
  • H4 C‑Dem, VWAP, ADR 0.5 & exhaus­tion low
  • Pre­ferred: Strong Bull­ish PA
• Hypo 2 — Val­ue Rejec­tion Fail­ure (long)
  • Same as hypo 1
  • Pre­ferred: IB exten­sion down , PA rever­sal, failed auction

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.98108

ZOIs for Pos­si­ble Long

• D1-C‑D 1.95422
• H4-C‑D 1.96000 BASE

Mind­ful Trading

• Feel­ing a bit tired

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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