Bear Market Trader | Premarket Prep USDCAD - London session
day trade, day trading, forex, trade plan, trading plan, USD CAD, USDCAD, premarket prep, pre-market prep,
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Premarket Prep USDCAD 05112020

Premarket Prep USDCAD 05112020

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 Con­ter­mi­nous Sup­ply Prev. Bear Engulf 1.40364 pos­si­bly a good loca­tion for a pullback
  • H4 Con­ter­mi­nous Sup­ply line at 1.39378 and PVAL con­flu­ence but need TPO confirmation

Sen­ti­ment — Bearish

ZOIs for Pos­si­ble Shorts

  • D1 Con­ter­mi­nous Sup­ply Prev. Bear Engulf 1.40364
  • H4 Con­ter­mi­nous Sup­ply line at 1.39378
  • H1 Con­ter­mi­nous Sup­ply line at 1.39493

ZOIs for Pos­si­ble Long

  • D1/H4 QLo after con­fir­ma­tion of D1 or H4 bull­ish price action trig­ger­ing a pos­si­ble swing rever­sal in line with larg­er time frame trend being up

Focus Points for trad­ing development

  • Exit rules
    • Option 1: hold trade until noon (Lon­don time)
    • Option 2: Tar­get hit (SL or x2 TP)
    • NO OPTION 3
      • UNLESS a trade is entered with­in 1 hour or half hour before the hard exit rule option 1
  • Entry rules
    • Use TPO con­fir­ma­tion or inval­i­da­tion for direc­tion­al deci­sions by look­ing for a 
      • TPO exten­sion with a sus­tained move (BO from IB)
      • TPO exten­sion with failed auc­tion (return to IB)
      • How this direc­tion of TPO exten­sion relates to Val­ue Area open sentiment
    • 09:00–10:30 — Time peri­od for entry based on M30 and high­er price action con­fir­ma­tion in con­junc­tion with mar­ket pro­file and trade locations
    • 10:30–12:00 — Entry can be based on low­er time frame price action (but stops and fur­ther analy­sis on M30) at high­er time frame trade loca­tions with mar­ket pro­file and dai­ly range
    • No start­ing at M5 chart
    • Trade needs to have a tar­get that has the chance of hit­ting min. X2 R/R
  • I will post trades including:
    • Trade loca­tion
    • Price action entry condition
    • What were TPOs doing at the time
    • With screen­shot
  • Learn how to use the Ses­sion Range Exhaustion
  • Keep own approach of KC, VWAP as odd enhancers instead of hard trade locations

Day trader. Tech geek. Sim Racing Enthusiast.

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