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 05192020

Premarket Prep USDCAD 05192020

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 big can­dle straight down from Sup­ply ZOI con­ter­mi­nous 1.40928 to Demand ZOI
  • H4 KC range still in effect, inside bar at LKC / D1 Con­ter­mi­nous Demand 1.39504 / D1 QLo retrac­ing almost entire 1st candle
  • Price overex­tend­ed from H4 VWAP
  • H1 Ham­mer just below H4 QLo (less reli­able although did move back down)
  • M30 show­ing a down­trend but with price mov­ing back up over VWAP how­ev­er still below LKC
  • Mar­ket Profile
    • Price below Lon­don PVAL+range
    • NY show­ing anoth­er B pro­file indi­cat­ing a sell off
    • HK retraced a bit of NY

Com­pared against Week­ly Trad­ing Plan

  • Price almost entire­ly retraced the Week­ly Phase 3 range down from pre­vi­ous week
  • Devel­op­ing MN can­dle at bot­tom of pre­vi­ous month’s inside bar

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

  • W1 QHi around PVAL
  • Break of H1 Demand ZOI 1.39238 — 1.39387

ZOIs for Pos­si­ble Long

  • D1 con­ter­mi­nous demand 1.39504
  • H4 QLo
  • D1 QLo

Focus Points for trad­ing development

  • Exit rules
    • Option 1: hold trade until noon (Lon­don time)
    • Option 2: Tar­get hit (SL 20 pips 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
    • No star­ing at M5 chart
    • Trade needs to have a tar­get that has the chance of hit­ting min. X2 R/R
    • 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
  • I will post trades including:
    • Trade loca­tion
    • Price action entry condition
    • What were TPOs doing at the time
    • With screen­shot
  • 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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