17 Apr GBPNZD Week 16 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 — Slightly Bullish
- MN-C‑S 1.97316 reactive retracing more than 50% of last month’s candle
- Mid MN swing
Weekly — Slightly Bearish
- Follow-through to W1 Three Outside Down to W1 QLo that proved reactive closing last week with a longer buying wick
- Near-touch of W1 QLo
Daily — Slightly Bullish
- D1 VWAP BD CAR to D1 LKC in UT CAS (coinciding with a D1 50MA in UT BD and currently trading around D1 200MA in R)
- D1 Bull Engulf at D1 LKC in UT CAS, D1/W1 QLo giving D1-C‑D 1.92921 after taking out D1 and W1 demand
- Near-touch of D1 QLo
Sentiment summary — Neutral to Slightly Bullish
- Due to the longer buying wick on the weekly and D1 having printed a bull engulf above W1/D1 QLo there could be more buyers coming in. Although due to no reversal pattern on W1 (and D1/W1 demand being taken out) price could see more selling pressure coming in first. Even though last month closed near its high it has since retraced almost back to its low.
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 1.94900
ZOIs for Possible Long
- D1-C‑D 1.92921
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Feeling okay with NOT trading
- Have ‘quieter’ weekends
- Weekly Goal
- Min. 3 times hitting the gym + mandatory cardio
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or hit time stop)
- M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- 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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