GBPNZD Week 11 Trading Plan

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This is my week­ly out­look on the Forex pair GBPNZD. Basi­cal­ly the lev­els that I will be look­ing at where it has 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 — Slight­ly Bullish

• Slight con­tin­u­a­tion trad­ed high­er away from MN-C‑D 1.89719 although clos­ing with a sell­ing wick (buy­ing wick slight­ly longer) indi­cat­ing some sell­ers are still present
• Price cur­rent­ly trad­ing above last month’s body close near­ing MN-C‑S 1.95078 BASE level.

Week­ly — Slight­ly Bullish

• Price closed mak­ing a HH although with longer sell­ing wick react­ing off W1 50MA in DT near­ing W1-C‑S 1.95442
• Trad­ing above W1 QLo

Dai­ly — Slight­ly Bullish

• D1 Price con­sol­i­da­tion con­tin­ued (above D1 200MA in R) with Fri­day clos­ing as a weak bull engulf with long sell­ing wick. D1 sup­ply still intact although test­ed mul­ti­ple times.
• Price trad­ing with­in D1 QHi

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Price has reject­ed W1 QLo some time ago and has slow­ly been mov­ing high­er with W1 inch­ing and clos­ing high­er. Long sell­ing wicks indi­cat­ing still some sell­ers left around these lev­els. Price is near­ing a MN base lev­el which sits around W1 sup­ply that when hit might prove reac­tive although on the longer term could fail as well. For now, price has still not tak­en out D1 sup­ply so price can remain messy still although price has been con­sol­i­dat­ing above D1 200MA in R but would need a con­fi­dent break away. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1.95078 BASE
• W1-C‑S 1.95442
• D1-C‑S 1.92964

ZOIs for Pos­si­ble Long

• W1-C‑D 1.90000
• MN-C‑D 1.89719

Focus Points for trad­ing development

• Month­ly Goals
  • Don’t trade Non-Farm Fridays
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Take a break from cer­tain com­po­nents of social media
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym + manda­to­ry cardio
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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