GBPNZD Week 19 Trading Plan

08 May GBPNZD Week 19 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 — Bearish

• April closed as a Strong Bear­ish Inside Bar after react­ing off MN-C‑S 1.97330
• Price is cur­rent­ly trad­ing below last month’s body although cur­rent­ly still with­in in range

Week­ly — Bearish

• W1 Phase 4 con­tin­u­a­tion through DBD with last week clos­ing low­er (although with­in pre­vi­ous week’s range) after hav­ing cre­at­ed a long sell­ing wick

Dai­ly — Slight­ly Bearish

• D1 Bear Engulf at D1 VWAP in DT after a BO attempt fol­lowed by a con­tin­u­a­tion low­er clos­ing with­in D1-C‑D 1.92400 after test­ing W1/D1 Demand End twice. Fri­day closed as a doji with longer sell­ing wick
• Price trad­ing above D1/W1 QLo (got test­ed mul­ti­ple times)

Sen­ti­ment sum­ma­ry — Slight­ly Bearish

• With W1 clos­ing low­er there could be con­tin­u­a­tion to the move. Although D1 Demand End has been test­ed it has not been tak­en out. 
• If price takes out demand there could be a con­tin­u­a­tion to the move although there was some strong W1 Accu­mu­la­tion around these lev­els before. 
• Although due to price trad­ing above D1/W1 QLo and a pos­si­ble MN con­sol­i­da­tion and hav­ing reject­ed W1 QLo with­out rotat­ing to QHi there might be a move high­er but price has not sup­port­ed this the­sis yet. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.94900
• D1-C‑S 1.93070

ZOIs for Pos­si­ble Long

• D1-C‑D 1.92400
• W1-C‑D 1.90092
• MN-C‑D 1.89610

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
  • Aim to have a min­i­mum of ONE TRADE per trad­ing day
• Trad­ing Rules
  • Be mind­ful of DTTZs
  • Only price-action based exit rules (or hit time stop)
    • IF NOT… I will do a Bart Simp­sons exer­cise of 7 days, 50 sen­tences of: “I will trust my trad­ing skills and take my exits accordingly”.
  • M15/M30 com­bi­na­tion at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • At least 1 trade with 1% risk, 2nd trade only if first one worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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