24 Dec Premarket Prep GBPNZD 12242020
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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. Unless there is a momentum play.
Compared against Weekly Trading Plan
- Returned to W1 sup base level and trading higher
Non-conjecture observations of the market
- Price action
- D1 traded higher above D1 VWAP in DT after BO
- D1 Phase 2 although messy and running into D1 50MA
- Big H4 Bull Engulf at H4-C‑D 1.89547 followed by a big retracement (although under 50%) with no follow-through. Instead a H4 Three Inside Up.
- Took out D1/H4 supply premarket testing H4-C‑S 1.91276
- Market Profile
- 2‑day bracket
- ADR: 1446
- ASR: 1249
- Yesterday’s High 1.91030
- Yesterday’s Low 1.89294
- H4 c‑sup at ADR 0.5 high, exhaustion above
- LN open
- Above Value, Outside Range
- Open distance to value
- Large Imbalance. Although H4/D1 supplies got taken out we could still see bullish sentiment in the market as well as a mean reversion.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Mean Reversion
- Open 1.1xASR above value, outside range at H4 C‑sup
- Preferred: Strong Bearish price action with IB extension down, sustained auction.
- Con: Medium large time frame bullish sentiment.
- Hypo 2 — Trend Continuation
- H4/D1 supply taken out premarket
- Preferred: Bullish price action with IB extension up and sustained auction.
- Brexit talks are still on
ZOIs for Possible Shorts
- D1-C‑S 1.91545
- H4-C‑S 1.91276
ZOIs for Possible Long
- H4-C‑D 1.89547
- 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