GBPNZD 2021 Week 29 Trading Plan

#Fin­twit #Order­flow #day­trad­ing #day­trade #forex #FX #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #GBPNZD 

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
• 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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