07 May 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