13 Nov Premarket Prep GBPNZD 11132020
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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
- Don’t take trades where SL placement is suboptimal. Instead, reassess for a better entry if possible.
Compared against Weekly Trading Plan
- Price arrived at and is trading just above W1-C‑D 1.92065
Non-conjecture observations of the market
- Price action
- D1-C‑D 1.91298 proved reactive forming an Inside bar with slightly longer buying wick (within D1 QLo)
- H4-C‑D 1.91432 formed through H4 Bull Engulf on top of D1-C‑D 1.91298 with follow-through though still trading within D1 QLo and below H4 VWAP in DT.
- H4 closed above H4/D1 QLo (slightly above VWAP)
- Market Profile
- Brackets expanding distance with currently price trading below the overall range
- ADR: 1576
- ASR: 993
- Yesterday’s High 1.92251
- Yesterday’s Low 1.90974
- H4-C‑D 1.91432 at VAL
- W1-C‑D 1.92065at VAH
- LN open
- Above Value, Outside Range
- Open distance to value
- Large Imbalance but due to the nature of the week a mean reversion might not be the best option although HK has taken it higher. There is a consolidation at the top of the M30 UT just below LTF Supply and D1-C‑S 1.92947 although the H4 move up looks forceful.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — H4 Swing Reversal Continuation (long)
- Preferred: IB extension up (momentum) clearing LTF supplies. Monitor for sustained auction exhausting ADR.
- Hypo 2 — Mean Reversion (short)
- Preferred: PA reversal, strong bearish PA
- 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
- W1-C‑D 1.92065
- H4-C‑D 1.91432
- D1-C‑D 1.91298
- Feeling good.
- Not trading today since I am not at my desk. Just tuning from time to time.
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