GBPNZD Week 42 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 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

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