17 Jul GBPNZD 2021 Week 29 Trading Plan
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This is my weekly outlook on GBPNZD. The levels that I will be looking at with a higher probabilistic chance the market will start reacting. During the session I then wait for the market to hit those levels and either confirm or reject my bias through price action confirmation and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to people that are on the same path as me. So don’t be shy and reach out.
Monthly — Bullish
- MN Three Inside Up giving MN-C‑D 1.95263 (plus a retracement and test of newly formed demand) with last month closing slightly above the consolidation range within MN-C‑S 1.97293
- Price trading mid MN swing after a rejection of QHi in January
- Price is currently trading within last month’s body after having pulled back to newly formed MN-C‑D 1.95263
Weekly — Bearish
- W1 QLo rejected and price is currently trading mid-swing
- Price tested W1 Supply End 1.99582 before closing as a W1 Bear Engulf having retraced to newly formed W1 Three Inside Up closing below its c‑dem
- Possible W1 Phase 3 although price is still above W1 VWAP in UT
Daily — Bearish
- D1 QHi rejected with a big bar followed by two tests of QHi and close down within D1/W1 demand (very wide) as a DBD with C‑sup right on top of demand
Sentiment summary — Bearish
- Price tested newly formed MN c‑dem but has not made a HH yet
- W1 has a 2nd Bear Engulf and was unable to take out W1 supply but W1 QLo has been rejected so there could be yet again no follow-through down as price is also still above W1 VWAP in UT.
- D1 has rejected QHi multiple times but failed to follow-through on it. With MN still being bullish and price trading within D1 demand there could be a move higher but would need PA to confirm.
Additional notes
- Jul 19, 18:00, GBP, BoE’s Haskel speech
- Jul 22, 19:45, EUR, ECB Interest Rate Decision
- Jul 22, 20:30, EUR, ECB Monetary Policy Statement and Press Conference
- Jul 22, 20:30, USD, Initial Jobless Claims
ZOIs for Possible Shorts
- D1-C‑S 1.98839
- W1-C‑S 1.97725
ZOIs for Possible Long
- W1-C‑D 1.96800
- MN-C‑D 1.89782
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Weekly Focus Points
- Min. 3 times working out at home + mandatory cardio
- Trading rules
- Focus on taking ONE trade a day. If I missed the first DTTZ then a trade needs to be taken on the 2nd DTTZ unless there is a high/medium initiative activity day.
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Buffer trades (profit target >1R) are allowed and encouraged
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No social media / messenger apps / phone calls allowed during the trading window
- Weekly Focus Points
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING
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