Bear Market Trader | Premarket prep USDCAD - London session
Trade plan, trading plan, weekly outlook, crude oil, WTI, USoil, Gold, XAUUSD, XAU USD, SPX500, S&P 500, S&P 500 futures, futures, commodities, day trade, day trading,
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Premarket Prep USDCAD 05072020

Premarket Prep USDCAD 05072020

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:

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

Non-con­jec­ture obser­va­tions of the market

  • D1 retest of D1 QHi yes­ter­day with a strong move with­in Sup­ply ZOI
  • Test­ing H4 Sup­ply ZOI 1.41635–1.41967 (D1/H4 QHi + week­ly sup­ply con­ter­mi­nous 1.4158) after some con­ges­tion. Strong move away from lev­el with a nor­mal for­ma­tion sup­ply. No demand ZOI for congestion.
  • M30 show­ing uptrend yes­ter­day, but pushed back into KC and below VWAP after reject­ing D1/H4 QHi + H4/W1 con­ter­mi­nous supply
    • Trad­ing above M30 Demand ZOI 1.41230 cre­at­ed yesterday
  • Mar­ket Profile
    • AS opened above PVA and range then trad­ed down from yesterday’s high 1.41734 near­ing Lon­don range high

Sen­ti­ment — Bearish

Pos­si­ble Trade loca­tions ‑Short

  • Week­ly Con­ter­mi­nous Sup­ply 1.4158 & H4 Con­ter­mi­nous Sup­ply 1.4163
  • Break down M30 Demand ZOI 1.41230 (but this coin­cides with area around PVAH 1.40841 so not sure if this is a good trad­ing location)
  • Retest M30 VWAP 1.41384

Day trader. Tech geek. Sim Racing Enthusiast.

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