Premarket Prep GBPNZD 20210322

22 Mar Premarket Prep GBPNZD 20210322

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #GBPNZD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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 12 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
• Focus on time-based exits
• Don’t look at M5 chart unless with­in the last hour of trad­ing window

Com­pared against Week­ly Trad­ing Plan

• Price is trad­ing with­in last week’s Inside Bar with long buy­ing wick

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Bear­ish Inside Bar with no follow-through
  • H4 Morn­ing Star with­in new­ly formed demand at H4-C‑D 1.93618 just below H4 QHi.
  • Pre­mar­ket: Closed as H4 Morn­ing Star above demand
• Trend: H4 up, D1 down, W1 down
• Mar­ket Profile
  • Val­ue cre­at­ed above pre­vi­ous val­ue although still trad­ing in over­all range
  • ADR: 1299
  • ASR: 880
    • 220
  • Day
    • Yes­ter­day’s High 1.94544
    • Yes­ter­day’s Low 1.93210

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1.93990 at VAL
• Sen­ti­ment
  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.3xASR
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. Price trad­ing below H4 QHi with no fol­low-through instead demand was cre­at­ed in what is still a larg­er time­frame bull­ish sentiment. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Return to Value
  • Nar­ra­tive: LTF sup­ply at H4 QHi and mod­er­ate imbal­ance open below
  • Pre­ferred: Strong bear­ish price action with IB exten­sion down, or IB exten­sion up with price rever­sal at VAL (near­by H4 c‑sup) into failed auction
  • Con: Due to trad­ing right into demand will be look­ing at a low/medium ini­tia­tive trad­ing day. 
• Hypo 2 — Val­ue Acceptance
  • Nar­ra­tive: Fur­ther bal­anc­ing in the mar­ket with larg­er time­frame bull­ish sentiment.
  • Pre­ferred: Bull­ish price action tak­ing out LTF sup­ply, accept­ing val­ue with quick rotation.
  • Con: H4 QHi, H4-C‑S 1.93990 at VAL

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94100
• D1-C‑S 1.92964

ZOIs for Pos­si­ble Long

• H4-C‑D 1.93618
• D1-C‑D 1.93214

Mind­ful Trading

• Feel­ing a bit tired. Extra cau­tion is advised.

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

• Twit­ter
• Insta­gram