10 Nov GBPNZD Week 46 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
- October closed as an inside bar testing MN-C‑S 1.97316 (created through a Bear Engulf with long buying wick)
Weekly — Slightly Bearish
- Phase 3 transition to 4 through Bear Engulf last week giving W1-C‑S 1.95342 (near W1 VWAP in DT) although formed during the US elections so might not be the most valid PA
- W1-C‑D 1.92065 (coinciding with W1 LKC in range) reactive for now but still the rest of the week to go
- Trading within QLo
Daily — Slightly Bearish
- Yesterday traded below the consolidation we had giving D1-C‑S 1.93536 (base)
H4 — Slightly Bullish
- H4 consolidation with Bull Engulf finisher giving H4-C‑D 1.92790 right above D1 QLo with some follow-through leaving some longer buying wicks behind.
Market Profile — Balancing
- Multi-day bracketing range currently consolidating on LTF below range
- ASR still not wide enough for optimal trading conditions but getting there
Sentiment summary — Neutral to Slightly Bullish
- Due to the consolidation on LTF below bracketing range we can see more balancing in the market. Medium time frame is showing a possible push higher from D1 QLo but ranges are still slightly too tight.
Additional notes
- Still some uncertainty after Biden’s win with Trump claiming electoral fraud etc.
- Wednesday
- NZD — Monetary policy statement
- Thursday
- BOE Gov Bailey speaks
- Friday
- ECB President Lagarde / BOE Gov Bailey / Fed Chair Powell speaks
ZOIs for Possible Shorts
- MN-C‑S 1.97316
- W1-C‑S 1.95342
- D1-C‑S 1.93536 (base)
ZOIs for Possible Long
- H4-C‑D 1.92790
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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