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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
- Big bar down away from D1/H4 conterminous 1.37816
- New H4 conterminous supply 1.37076
- Price moved for the first time within previous H4 demand from March 9th but no reaction (yet)
- Market Profile
- Current Day High 1.358 is 115 pips away from PVAL but AS has not continued trending away although made a LL at 1.355
- AS is 7 pips within session range
- I will reassess MP before and during London IB
Compared against Weekly Trading Plan
- Weekly is showing a sustained move away from previous phase 3 but it is still early in the week to conclude anything definitive
Sentiment – Slightly Bearish
ZOIs for Possible Shorts
- H4-C-S 1.37076 NEW
ZOIs for Possible Long
- H4-C-D 1.36207 OLD
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
- Cut off looking for trades at 11:15
- Entry on TPO break of IB
- Early entry with price action confirmation at
- H4 conterminous
- Open far from value, anticipating a move back to value using an engulfing + subsequent break of TPO
- 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
