GBPNZD Week 43 Trading Plan

19 Oct GBPNZD Week 43 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

• MN-C-SD 1.97316 was cre­at­ed through a Bear Engulf that now divides MN Sup­ply and Demand areas.
• Price tra­versed back to test the MN C‑Sup but has not been able to push high­er (yet)
• Still two weeks left in the month

Week­ly — Slight­ly Bullish

• After price returned to W1-C‑D 1.92083 we saw a push away high­er to even­tu­al­ly close above W1 QLo. We ran into some con­ges­tion due to W1 VWAP and near­by MN C‑sup but price still closed high­er form­ing RBRs.
• Last week closed as an inside bar with slight­ly longer buy­ing wick
• We had 3 weeks of test­ing the MN C‑sup leav­ing long sell­ing wicks behind
• Some sup­ply was cre­at­ed just above W1 QLo giv­ing W1-C‑S 1.95525

Dai­ly — Neutral

• Price rang­ing between D1-C‑S 1.95409 and D1-C‑D 1.94753 with new demand cre­at­ed on pre­vi­ous demand giv­ing D1-C‑D 1.95422
• Phase 1 / 3
• Mid D1 swing

H4 — Slight­ly Bullish

• H4-C‑S 1.95930 got test­ed sev­er­al times
• H4-C‑D 1.95746 cre­at­ed through consolidation
• H4 Bull Engulf cre­at­ed on D1-C‑D 1.95422

Mar­ket Pro­file — Pos­si­bil­i­ty start imbalance

• Wide brack­et­ing range with Fri­day hav­ing cre­at­ed a wider than usu­al VA

Sen­ti­ment sum­ma­ry — Neutral

• Price has been rang­ing for a while now on the dai­ly and there is no clear indi­ca­tion on which way it wants to go. How­ev­er, due to a widen­ing brack­et last week and wider VA on Fri­day we might want to make a move in a direction. 

Addi­tion­al notes

• BOE Gov Bai­ley Speaks on Thursday

ZOIs for Pos­si­ble Shorts

• W1-C‑S 2.00159
• MN-C-SD 1.97316
• W1-C‑S 1.95525
• D1-C‑S 1.95409

ZOIs for Pos­si­ble Long

• D1-C‑D 1.95422
• D1-C‑D 1.94753
• W1-C‑D 1.92083

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

• Twit­ter
• Insta­gram