Premarket Prep GBPNZD 11102020

10 Nov Premarket Prep GBPNZD 11102020

#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 46 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 below the body of W1 Bear Engulf from last week (which isn’t val­ued as much due to the elections)

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Retrace­ment to D1-C‑S 1.93536 (base) (and H4 VWAP) after IB pushed up over value
  • Pos­si­ble H4 Phase 2
• Mar­ket Profile
  • Mul­ti-day brack­et­ing with con­sol­i­da­tion below range
  • ADR: 1338
  • ASR: 888
    • 23
  • Day
    • Yes­ter­day’s High 1.93992
    • Yes­ter­day’s Low 1.92194

Sen­ti­ment

• Loca­tions
  • ADR 0.5 high at D1-C‑S 1.93536 (base)
  • ADR exhaus­tion high after a pos­si­ble H1 sup­ply take out
  • H4-C‑D 1.92790 with­in val­ue (LTF con­sol­i­da­tion on top)
• Sen­ti­ment
  • LN open
    • With­in value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing mar­ket but with chance of val­ue rejec­tion due to H4-C‑D 1.92790 being with­in val­ue and IB trad­ed high­er out­side of val­ue and retraced to D1-C‑S 1.93536 (base) after tak­ing out mul­ti­ple LTF sup­plies which could pos­si­bly indi­cate a con­tin­u­a­tion to the move.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Val­ue Rejec­tion Failure
  • Mar­ket bal­anc­ing trade off near­by LTF sup­ply and ADR levels
  • Pre­ferred: PA rever­sal fol­lowed by pos­si­ble failed auction
• Hypo 2 — Val­ue Rejec­tion high
  • With H4-C‑D 1.92790 with­in val­ue (on top of D1 QLo com­bined with LTF con­sol­i­da­tion and (pos­si­ble) val­ue rejec­tion up already indi­cat­ed by IB mov­ing high­er. Plus IB trad­ed 53 pips (which is below 3/4s of range but not far off) and could show grounds for a con­tin­u­a­tion (as well as retracee­ment back to D1-C‑S 1.93536 (base)
  • Pre­ferred: Sus­tained auc­tion and fol­low-through on IB exten­sion up (momen­tum)

Addi­tion­al notes

• Wednes­day
  • NZD — Mon­e­tary pol­i­cy statement 
• Thurs­day
  • BOE Gov Bai­ley speaks
• Fri­day
  • ECB Pres­i­dent Lagarde / BOE Gov Bai­ley / Fed Chair Pow­ell speaks

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94070
• D1-C‑S 1.93536 (base)

ZOIs for Pos­si­ble Long

• H4-C‑D 1.92790

Mind­ful Trading

• Feel­ing tired. Not look­ing to force a trade espe­cial­ly with ranges being tighter than usual.

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

• Twit­ter
• Insta­gram