Premarket Prep USDCAD 05262020 - Bear Market Trader
day trade, day trading, forex, trade plan, trading plan, USD CAD, USDCAD, premarket prep, pre-market prep,

Premarket Prep USDCAD 05262020

Premarket Prep USDCAD 05262020

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

  • There is a ral­ly with con­se­quent base on the Dai­ly but in order to con­clude a drop we’d need a close on today’s candle
  • H4 show­ing some Phase 3 price action after the Bear­ish Engulf­ing (at W1 QHi) last Fri­day (crossed down VWAP)
  • Price almost near H4 Demand ZOI and D1 QLo
  • No reac­tion at D1 Demand con­ter­mi­nous (yet)
  • Mar­ket Profile
    • Price is below PVA

Com­pared against Week­ly Trad­ing Plan

  • W1 Phase 3 still in effect

Sen­ti­ment — Bearish

ZOIs for Pos­si­ble Shorts

  • MN Con­ter­mi­nous Sup­ply (best) 1.39511

ZOIs for Pos­si­ble Long

  • D1 Con­ter­mi­nous Demand 1.39511
  • H4 Con­ter­mi­nous Demand 1.39312 & D1 QLo

Focus Points for trad­ing development

  • Exit rules
    • Option 1: Time-based stop
    • Option 2: Tar­get hit (SL 20 pips + spread 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 con­sid­er­a­tion of ‘pat­terns’. Price action + trade loca­tion (high­er time­frame tak­ing prece­dence over lower)
    • Min. X2 R/R
    • Use TPO con­fir­ma­tion or inval­i­da­tion for direc­tion­al deci­sions by look­ing for in con­junc­tion with H4 con­ter­mi­nous lines
      • 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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