12 Oct GBPNZD Week 42 Trading Plan
#daytrade #daytrading #forex #FX #Forextrader #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife #GBPNZD
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 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 — Slightly Bearish
- Bear Engulf giving MN-C‑S 1.97330 with a retracement back to C‑Sup proved reactive
- Still 3 weeks left
Weekly — Slightly Bullish
- Last week closed as a RBR (@VWAP) with the Base giving W1-C‑D 1.94836 and the candle closed with longer selling wick above W1 QLo
Daily — Slightly Bearish
- D1-C‑S 1.96399 formed through Evening star possible transition to Phase 4
- Mid-swing
H4 — Slightly Bearish
- H4 Phase 4 crossing down from VWAP closing within previous demand at H4-C‑D 1.95532
- Large Inside bar closing above said demand after bouncing off W1 QLo setting off a consolidation
Market Profile — Balanced Market
- Larger VA on Thursday and consequent return to bracketing range
Sentiment summary — Neutral
- Price returned back to bracketing range so we can expect some more balancing before a directional move. Slightly more bullish sentiment if we stay above W1 Base otherwise we could see a move back to the originating level.
Additional notes
- N.A.
ZOIs for Possible Shorts
- MN-C‑S 1.97330
- H4-C‑S 1.96573
- D1-C‑S 1.96399
ZOIs for Possible Long
- W1-C‑D 1.94836 BASE
- H4-C‑D 1.95532
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
- 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
No Comments