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Premarket Prep USDCAD 05082020

Premarket Prep USDCAD 05082020

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

  • Trend: MN1 up, W1 up, D1 down
  • Month­ly Inside bar @ MN1 QHi after clean ral­ly test­ing this level
  • Price above MN con­ter­mi­nous sup­ply line
  • No break from W1 QHi yet (can­dle hasn’t com­plet­ed yet) after being reac­tive with W1 Sup­ply ZOI & Week­ly con­ter­mi­nous sup­ply line
    • Out­side of KC in rang­ing market
  • D1 Bear­ish Engulf­ing reject­ing D1 Sup­ply ZOI & D1 con­ter­mi­nous sup­ply line and reached D1 QLo & D1 Demand Zoi & D1 con­ter­mi­nous demand line
  • H4 clean arrival at H4/D1 QLo (near low­er KC in rang­ing mar­ket) after tak­ing our pre­vi­ous Q point and form­ing a new one, no H4 Demand ZOI estab­lished yet around this lev­el, next one at D1/H4 swing low 1.385
  • M30 clean down­trend, price below VWAP & low­er KC
  • Mar­ket Profile
    • Price below yesterday’s low 1.395, VAL & range

Sen­ti­ment — Bearish

Pos­si­ble Trade loca­tions ‑Short

  • Below Prev. day low 1.395, M30 VWAP, low­er KC

Cons for short

  • A hold above Prev. Day low / M30 VWAP cross or BO
  • D1 Con­ter­mi­nous demand line being reactive

Objec­tives Today

  • Go with Week­ly Trad­ing Plan bias
T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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