#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