19 Nov Premarket Prep GBPNZD 11192020
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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 diving deeper into demand W1-C‑D 1.92065 but still have 2 days to go
Non-conjecture observations of the market
- Price action
- D1 Phase 1 / 3
- H4 DBD after rejecting D1-C‑S 1.92401 (H4 50MA in DT) forming new H4 supply H4-C‑S 1.92355
- Move down formed a base at H4-C‑S 1.91913 BASE (@ H4 VWAP)
- Arrival at D1-C‑D 1.91298 followed by H4 consolidation
- Market Profile
- Tight VA created. 3 day bracketing range.
- ADR: 1395
- ASR: 978
- Yesterday’s High 1.92661
- Yesterday’s Low 1.91254
- LN open
- Below Value, Outside Range
- Open distance to value
- H4 just closed higher forming H4-C‑D 1.91556 and a H1 RBR and now another potential base with long lower wick. Although LTF is showing a lot of signs of phase 1 / 3. Since we are at the bottom of the overall range the sentiment is more bullish. Which would be enhanced through a value acceptance (which would also bring price back up to the base) and path is clear (on medium tf) to overhead supply. Some congestion on LTF though. Profile would indicate a potential continuation which the VAA would negate. Price seems to ticking around faster than usual.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Swing Reversal (long)
- Preferred: VAA (with enough VA left although hard with VA being so tight). IB extension up and sustained auction and taking out of LTF supply.
- Hypo 2 — Return to Value (Short)
- Preferred: Strong Bearish PA, IB extension down taking out LTF demand and closing within D1 Demand.
- 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
- H4-C‑S 1.92355
- H4-C‑S 1.91913 BASE
ZOIs for Possible Long
- H4-C‑D 1.91435
- D1-C‑D 1.91298
- Feeling okay. Personal life a little in the way. Also just generally feeling a little more cautious these last few days and I have learned to listen to my gut. Being flat is a position as well.
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