12 Nov Premarket Prep GBPNZD 11122020
#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:
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 arrived at and is trading within W1-C‑D 1.92065
Non-conjecture observations of the market
- Price action
- Break down from D1 consolidation giving D1-C‑S 1.92947 with clean arrival at D1-C‑D 1.91298 trading within D1 QLo
- H4 Evening Star at D1-C‑S 1.92947 with follow-through down trading within H4 QLo followed by H4 Inside Bar (retracing more than 50% with longer buying wick) after reacting off D1-C‑D 1.91298
- H4 Shooting star formed before LN open
- Market Profile
- Brackets expanding distance with currently price trading below the overall range
- ADR: 1548
- ASR: 1000
- Yesterday’s High 1.94622
- Yesterday’s Low 1.91565
- D1-C‑S 1.92947 at VAH and ADR exhaustion High
- LN open
- Open below Value, Outside Range
- Open distance to value
- Moderate, slightly larger imbalance. M30 VWAP in DT BO possible CAS. No confident break away from D1-C‑D 1.91298. Unclear. BOE Gov Bailey speaks at open.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Swing Reversal (long)
- D1 / W1 C‑Dem nearby, H4 Inside bar, possible base formed. No medium term supplies above.
- Preferred: LTF supply taken out (but then VAA would be more preferred otherwise risky also with round number xx50 right there, x500 as well). IB extension up (momentum).
- Con D1 C‑Sup at VAH
- Hypo 2 — Return to value (short)
- Preferred: Pop round number below VAL with PA reversal confirmation. IB extension down.
- Hypo 3 — Variation to Hypo 2
- Possibility for deeper test within value, D1 C‑Sup (H4 VWAP).
- Preferred: PA reversal. Selling tail. Single print Fade.
- BOE Gov Bailey speaks at LN open
- ECB President Lagarde / BOE Gov Bailey / Fed Chair Powell speaks
ZOIs for Possible Shorts
- H4-C‑S 1.94104
- D1-C‑S 1.92947
ZOIs for Possible Long
- H4-C‑D 1.92790
- W1-C‑D 1.92065
- Feeling good.
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