22 Mar Premarket Prep GBPNZD 20210322
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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
- 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
- Yesterday’s High 1.94544
- Yesterday’s Low 1.93210
- H4-C‑S 1.93990 at VAL
- LN open
- Below Value, Within Range
- Open distance to value
- Moderate Imbalance. Price trading below H4 QHi with no follow-through instead demand was created in what is still a larger timeframe bullish sentiment.
- LN open
- Clarity (1–5, 5 being best)
- 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
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
- 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