03 Dec Premarket Prep GBPNZD 12032020
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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 trading below last week’s body with no W1 demand in immediate proximity
Non-conjecture observations of the market
- Price action
- D1 closed down slightly deeper into underlying demand D1-C‑D 1.89128
- H4 Phase 1 through consolidation with weak finisher plus price is still trading below H4 VWAP
- Market Profile
- The ASR is too tight to trade. Price is trading above value after having below the bracketing range.
- ADR: 1242
- ASR: 824
- Yesterday’s High 1.90183
- Yesterday’s Low 1.88706
- H4-C‑D 1.89269 at VAH and D1-C‑D 1.89128 at PPOC
- MN-C‑D 1.89659 at ADR 0.5 High
- ADR exhaustion high at yesterday’s high with H4-C‑S 1.90363 nearby
- H4-C‑D 1.88801 below VAL inside range
- LN open
- Above Value, Inside Range
- Open distance to value
- 0.0 x ASR
- Balancing market. LN open right at VAH and H4/D1 C‑dems at value we could see a quick rotation in case of value acceptance before trading higher. In case of a hold below H4-C‑D 1.88801 we could see a continuation down.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Value Acceptance
- Preferred: Early acceptance with quick rotation.
- Hypo 2 — Swing Reversal
- Last H4 candle closed as a possible BASE, currently an Inside Bar. With price opening just above VAH (nearby H4/D1 C‑dems) we could see a move higher if:
- Preferred: strong M30 reversal pattern to the slight move down pre-market. Sustained auction. Taking out LTF supply.
- ASR is kinda tight.
ZOIs for Possible Shorts
- H4-C‑S 1.90363
- H4-C‑S 1.89951
ZOIs for Possible Long
- MN-C‑D 1.89659
- H4-C‑D 1.89269
- D1-C‑D 1.89128
- H4-C‑D 1.88801
- Didn’t sleep well last night but 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