GBPNZD Week 49 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 to Neutral

• MN closed as a DBD after mov­ing away from MN-C‑S 1.97316 form­ing MN-C‑S 1.95032 BASE but failed to close with­in under­ly­ing MN-C‑D 1.89659

Week­ly — Bearish

• W1 Phase 4 tak­ing out pre­vi­ous W1 demand with 350+ pips to go to the next W1 demand
• Trad­ing with­in W1 QLo

Dai­ly — Slight­ly Bearish

• Clean arrival at D1-C‑D 1.89128 with reac­tion test­ing demand a sec­ond time while clos­ing up

H4 — Slight­ly Bearish

• Pos­si­ble H4 Phase 1 with longer buy­ing wicks but no fol­low-through yet
• Price still trad­ing below H4 VWAP and cre­at­ed new sup­ply through con­sol­i­da­tion and Bear Engulf at H4-C‑S 1.90363 and H4 VWAP

Mar­ket Pro­file — Imbalance

• Price trad­ed below pre­vi­ous brack­et­ing range cre­at­ing widen­ing ranges with yes­ter­day (last day of the month) clos­ing just below VAL of Friday

Sen­ti­ment sum­ma­ry — Neutral

• Due to price hav­ing arrived at a MN demand lev­el we could see some push back. The H4 pos­si­bly for Phase 1 could back that up. Although on short to medi­um term we could see some more down­side due to W1 and D1 demand that got tak­en out and the lack of W1 demand until fur­ther down. The D1 demand (with clean arrival and ini­tial reac­tion) could prove reac­tive enough to even­tu­al­ly form a new W1 demand around these levels. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1.97316
• MN-C‑S 1.95032 BASE
• H4-C‑S 1.91275
• H4-C‑S 1.90363

ZOIs for Pos­si­ble Long

• MN-C‑D 1.89659
• H4-C‑D 1.89269
• D1-C‑D 1.89128
• W1-C‑D 1.85922

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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