Premarket Prep USDCAD 05062020

This is my premarket prep for today’s European session for the Forex pair USDCAD. This prep builds off of my weekly trade plan I made here:

http://bearmarkettrader.com/2020/05/03/usdcad-week-19-trade-plan/

The purpose of a premarket prep is to make alterations to my weekly trading plan and adjust a certain bias if need be. 

These were the hypotheticals in my weekly trading plan:

1. Swing Reversal H4 Supply ZOI (completed 60%)
   1. Price action confirming on H4 rejecting H4 Supply ZOI
   2. Possible short entry around 1.417
   3. Targets 1.411, 1.406, 1.402, extended target 1.396
2. M30 VWAP BD (completed 100%, targets hit during NY)
   1. Price action + MP extending IB confirming a break below VWAP
   2. Possible short around 1.406
   3. Targets 1.402, 1.396
3. Prev. Day High Reversal
   1. M30 Price action + MP extending IB confirming rejection
   2. Possible short around 1.409
   3. Targets 1.406, 1.402, 1.396

New changes

• Opened a demo account with LCG and JFD. Trying out LCG today. I have one MT4 with this demo account for charting and one MT4 for entries with my broker. On this latter screen I will only keep open the M30 market profile chart. Please advise on how you have set up your software/screens/. I normally prefer the trades I take to be on the same I do my charting on. The quotes from my broker is almost identical of that of LCG (discrepancy of 0.00002-0.00003 which is negligible).
• Only non-conjecture commentary in premarket plan and during the session.

Non-conjecture observations of the market

• MN Rally with no congestion to upper KC within MN Supply ZOI 1.3836-1.4693
• MN inside bar just above conterminous line of 1.3836 from Feb 2016, trading at MN QHi
• W1 rejecting and trading below W1 Supply ZOI 1.4158-1.4693 just above MN/W QHi, price above upper KC in a ranging market, price above VWAP
• D1 Supply ZOI 1.4093-1.4345 rejecting with a normal formation supply, although price is below D conterminous 1.4093 it seems to have run in to some congestion at W1 QHi level 1.4032
• H4 rejection of H4 conterminous supply 1.4078 during the Asian session as well as trading below VWAP
• Market Profile
  • Price within previous day range high 1.409 low 1.4007
  • AS trading within AS and EU PVA indicating market balancing

Sentiment – Bearish

Trade locations -Short

• Yesterday’s high 1.4094
• Below PVAL 1.4017
• H4 Conterminous line 1.4078

Trade locations – Long

• Hold above PVAH
• Yesterday’s low 1.4007

Trade will either hit my target (no more than 25 pips SL) or I will close off with time-based stop loss at noon London time regardless of where the trade is.