GBPNZD Week 2 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 through mar­ket pro­file. 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 — Neutral

• DBD form­ing a BASE at MN-C‑S 1.95004 BASE in Novem­ber with some­what clean arrival at MN-C‑D 1.89612 (although have been test­ed twice in July and September).
• Decem­ber closed as a long-legged Drag­on­fly Doji (longer buy­ing wick) and clos­ing above MN-C‑D 1.89612

Week­ly — Slight­ly Bearish

• Closed down form­ing a Three Inside Down giv­ing W1-C‑S 1.90104 react­ing off W1-C_D 1.85877 leav­ing a buy­ing wick behind (below 50%), pos­si­ble W1 Phase 1
• Price below VWAP in DT at bot­tom of Range 

Dai­ly — Neu­tral to slight­ly Bullish

• D1 Three Inside Up (with long sell­ing wicks) with­in D1-C‑D 1.87573 and D1 QLo and slight con­tin­u­a­tion to the move clos­ing slight­ly above demand. 
• Price below D1 VWAP in DT

Mar­ket Pro­file — Balancing

• 3‑day brack­et­ing range

Sen­ti­ment sum­ma­ry — Balancing

• Due to the devel­op­ing nature of the MN can­dle it is a bit unclear in terms of direc­tion­al (on medi­um term) bias and W1 con­firms this with a pos­si­ble Phase 1 although we don’t know for sure until there is a break from the range. Pos­si­bil­i­ty for more down­side on short to medi­um term. As always let pro­file and price action guide you for fur­ther clues. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1.95437
• MN-C‑S 1.95004 BASE
• W1-C‑S 1.90104

ZOIs for Pos­si­ble Long

• MN-C‑D 1.89612
• D1-C‑D 1.88727
• W1-C‑D 1.85877
• D1-C‑D 1.84357

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • 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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