Premarket Prep GBPNZD 11182020

18 Nov Premarket Prep GBPNZD 11182020

#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 47 Trad­ing Plan

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 after div­ing deep­er into demand but still have 3 days to go

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Nor­mal For­ma­tion retrac­ing almost all of Monday’s move still trad­ing with­in D1 QLo, pos­si­ble D1 Phase 1
  • Price trad­ed high­er after test­ing D1-C‑D 1.91298 and arrived at H4-C‑S 1.92839 (@ H4 50MA in DT) proved reac­tive and start­ed consolidating
  • H4 Evening Star at 2nd test of H4-C‑S 1.92739 clos­ing at H4 VWAP in DT
• Mar­ket Profile
  • Brack­ets expand­ing dis­tance with cur­rent­ly price trad­ing at the top of the over­all range (M30 QHi) with VA very wide
  • ADR: 1375
  • ASR: 1032
    • 26
  • Day
    • Yes­ter­day’s Low 1.92752
    • Yes­ter­day’s Low 1.91052

Sen­ti­ment

• Loca­tions
  • D1-C‑S 1.92401 at VAH + LTF sup­ply / M30 QHi
• Sen­ti­ment
  • LN open
    • With­in value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • VA is wider than usu­al. Bal­anc­ing mar­ket. Although price is at the top of the brack­et­ing range com­ing from M30 QHi in a medi­um time­frame down­wards move (already mid-swing). H1 DBD. Not look­ing to force anything. 
• Clar­i­ty (1–5, 5 being best)
  • 2
• Hypo 1 — Bal­anc­ing Mar­ket — LTF / ADR 0.5 
  • LTF PA rever­sal. Near­by D1 C‑lines, LTF supply/demands etc. 
• Hypo 2 — VA rejec­tion (short)
  • Pre­ferred: IB clos­ing into LTF sup­ply con­fi­dent­ly. IB extend­ing down with sus­tained auc­tion. Per­haps a 2nd entry oppor­tu­ni­ty on pull­back off D1 C‑Dem. 

Addi­tion­al notes

• Wednes­day
  • GBP — CPI Y/Y report
• 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

• H4-C‑D 1.91435
• D1-C‑D 1.91298

Mind­ful Trading

• 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

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