GBPNZD Week 48 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

• Cur­rent­ly trad­ing as a devel­op­ing DBD but there is still a week left

Week­ly — Slight­ly Bearish

• Fol­low-through on W1 Bear Engulf W1-C‑S 1.95342 closed with­in W1-C‑D 1.92065

Dai­ly — Neutral

• Long buy­ing wick on Fri­day, fail­ing to make a LL, and clos­ing with­in range again
• Pos­si­ble D1 Phase 1

H4 — Neutral

• Some con­sol­i­da­tion at D1-C‑D 1.91298 with a move high­er stay­ing with­in over­all range
• Pos­si­ble Phase 1 / 3 although 50MA as well as VWAP in DT

Mar­ket Pro­file — Balancing

• Mul­ti-day brack­et­ing with Fri­day hav­ing cre­at­ed VA below the range but still with­in over­all range

Sen­ti­ment sum­ma­ry — Neutral

• D1 and H4 show signs of a tri­an­gle where Fri­day tried to Break down from the pat­tern but failed (if you are a more tra­di­tion­al chartist). Since the Over­all Range hasn’t been bro­ken to either side (plus D1/H4 phase 1 / 3) we can assume the mar­ket is still bal­anc­ing even though W1 shows a slight nudge to the downside. 

Addi­tion­al notes

• Mon­day
  • GBP — Flash Man­u­fac­tur­ing PMI, Mon­e­tary Pol­i­cy Report Hearings

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1.95342
• D1-C‑S 1.92947
• H4-C‑S 1.92348

ZOIs for Pos­si­ble Long

• W1-C‑D 1.92065

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 + manda­to­ry cardio
• 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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