23 Nov Premarket Prep GBPNZD 11232020
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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
Non-conjecture observations of the market
- Price action
- D1 Phase 1 / 3
- H4 RBR at D1-C-D1.91298 with consequent retest through pinbar with continuation higher
- Market Profile
- Bracketing profiles.
- ADR: 1232
- ASR: 987
- Yesterday’s High @ D1-C‑S 1.91842
- Yesterday’s Low @ D1-C‑D 1.90953
- Overall ranging market. Trade extremes.
- H4-C‑D 1.91562 BASE at VAH
- ADR Exhaustion high above H4 C‑sup
- LN open
- Above Value, Outside Range
- Open distance to value
- Even though a slightly large imbalance at open we could see a continuation higher due to H4 having printed bullish PA and transition to Phase 2. Nonetheless, due to near proximity to ADR 0.5 and H4 C‑sup above the best play might be a mean reversion.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Mean Reversion
- Preferred: IB extending towards H4 C‑Sup followed by PA confirming a reversal and either an IB extension down or failed auction.
- Hypo 2 — Trend Continuation
- Preferred: IB closing printing Bullish PA, IB extension up (momentum), sustained auction into overhead supply
- GBP & EUR — Flash Manufacturing PMI
ZOIs for Possible Shorts
- D1-C‑S 1.92947
- H4-C‑S 1.2348
ZOIs for Possible Long
- H4-C‑D 1.91562 BASE
- 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