Premarket Prep GBPNZD 20210308

08 Mar Premarket Prep GBPNZD 20210308

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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:

GBPNZD Week 10 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Week­ly Focus Points

• Only trade the main account

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing above last week’s body 

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Big Inside Bar fol­lowed by a doji with slight­ly longer buy­ing wick trad­ing with­in D1 sup­ply (test­ed mul­ti­ple times)
  • H4 con­sol­i­da­tion at H4 VWAP in UT
  • Pre­mar­ket: H4 broke up from Consolidation
• Trend: H4 Up, D1 Down, W1 Down
• Mar­ket Profile
  • Val­ues in UT
  • ADR: 1484
  • ASR: 1149
    • 29
  • Day
    • Yes­ter­day’s High 1.94170
    • Yes­ter­day’s Low 1.92728

Sen­ti­ment

• Loca­tions
  • D1 Sup­ply End above ADR exhaustion 
  • ADR 0.5 High with­in val­ue at PPOC
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A.
  • Nar­ra­tive
    • With an open with­in val­ue we could see some bal­anc­ing. Although due to H4 break­ing up from con­sol­i­da­tion and larg­er time­frame bull­ish sen­ti­ment we could be in for a val­ue rejec­tion up. Over­head sup­ply has been test­ed many times and thus weak­er. With ADR exhaus­tion high not far away we could poten­tial­ly see a uni­di­rec­tion­al day. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Bal­anc­ing Market
  • Nar­ra­tive: Open with­in value
  • Pre­ferred: Play off near­by LTF SD and ADR levels. 
• Hypo 2 — Val­ue Rejec­tion Up
  • Nar­ra­tive: Larg­er time­frame bull­ish sen­ti­ment. Weak­er sup­ply over­head. H4 Break higher. 
  • Pre­ferred: Ear­ly con­fi­dent rejec­tion coin­cid­ing with IB exten­sion fol­lowed by a sus­tained auction. 
  • Con: Poten­tial­ly low/medium ini­tia­tive activ­i­ty day due to over­head supply

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94100 (old)
• D1-C‑S 1.92964

ZOIs for Pos­si­ble Long

• H4-C‑D 1.92350

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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