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 05122020

Premarket Prep USDCAD 05122020

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

  • Pull­back to D1 Con­ter­mi­nous Sup­ply Prev. Bear Engulf 1.40364 but not reac­tive yet. Might con­tin­ue to D1 Con­ter­mi­nous sup­ply at 1.40962
  • New­ly formed H4 con­ter­mi­nous demand 1.40232
  • Hasn’t reached D1 QHi swing, might make exhaus­tion move up
  • New­ly formed H1 Sup­ply ZOI con­ter­mi­nous 1.40507 dur­ing AS

Sen­ti­ment — Bearish

ZOIs for Pos­si­ble Shorts

  • D1 QHi 1.40922 & D1 Con­ter­mi­nous sup­ply at 1.40962
  • D1 Con­ter­mi­nous Sup­ply Prev. Bear Engulf 1.40364

ZOIs for Pos­si­ble Long

  • H4 con­ter­mi­nous demand 1.40232

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 
      • 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

Day trader. Tech geek. Sim Racing Enthusiast.

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