17 Nov Premarket Prep GBPNZD 11172020
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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
- Follow-through on Inside bar after D1/H4 C‑sups reacted forming inside bar and move down giving D1-C‑S 1.92401 after taking out D1-C‑D 1.91857 (deeper making slight LL within D1 QLo, W1 demand with several tests now)
- H4 Inside bar and consequent move higher at D1-C‑D 1.91298 having created long buying wicks indicating possible Phase 1 (although price still below H4 VWAP)
- Market Profile
- Brackets expanding distance with currently price trading at the bottom of the overall range
- ADR: 1434
- ASR: 956
- Yesterday’s Low 1.92396
- Yesterday’s Low 1.90917
- ADR 0.5 High just above VAH at LTF supply. Although if LTF supply gets taken out we might have to monitor for a sustained auction.
- D1-C‑S 1.92401 at yesterday’s high and just below H4 QLo (from the inside).
- LN open
- Within Value
- Open distance to value
- Balancing. However due to H4 move up we could see a continuation from the bottom of the overall bracketing market and D1-C‑D 1.91298.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — VA Rejection Up
- H4 Phase 1 transition phase 2 coming off D1 C‑Dem + overall bracketing market with expanding profiles.
- Preferred: Good close outside VA, IB extension up with sustained auction.
- Hypo 2 — VA rejection Failure
- ADR 0.5 High + LTF supply + H4 VWAP (plus failure to exit W1 demand, this is for experimental purposes). Nearby D1 C‑sup.
- Preferred: PA reversal after IB extension up followed by failed auction and quick follow-through on moving through IB.
- Hypo 3 — A follow-through on Hypo 2
- Preferred extend and close below VAL deep into D1 demand. Sustained auction.
- BOE Gov Bailey Speaks
- Thursday & Friday
- ECB President Lagarde Speaks
ZOIs for Possible Shorts
- D1-C‑S 1.92947
- H4-C‑S 1.92739
- D1-C‑S 1.92401
ZOIs for Possible Long
- W1-C‑D 1.92065
- D1-C‑D 1.91298
- Feeling okay.
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