#Fintwit #Orderflow #daytrading #daytrade #forex #FX #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 — Neutral
- MN-C‑D 1.89719 reactive after a dig deeper into demand but still need the month to close
Weekly — Bullish
- Price returned to W1-C‑S 1.89524 BASE (after reacting off W1-C‑D 1.85879) leaving behind a big Inside Bar retracing more than 50%
Daily — Neutral to Slightly Bearish
- Price returned to D1-C‑S 1.89834 leaving behind D1-C‑D 1.97549 followed by a weak Three Inside Down with longer buying wick but hasn’t had a follow-through yet (@D1 VWAP)
- Mid D1 swing
H4 — Neutral
- Messy price action with H4 Bear Engulf at H4-C‑S 1.89952 (and H4 QHi) giving H4-C‑S 1.89660 with no follow-through. Instead a Morning Star with longer buying wick giving H4-C‑D 1.89320
Market Profile — Balancing
- 3 day bracketing range
Sentiment summary — Balancing
- Even though W1 reached a Base level and closed as a bullish Inside Bar (possible Three Inside Up, there is a consolidation and balancing going on on D1 and H4. If price takes out overhead demand at D1 Supply End 1.91080 we still have more interference above at D1-C‑S 1.94545 and D1-C‑S 1.92932. Might be good to practice my Trend Continuation into SD zones play. As there is no immediate medium time frame demand (although some H4 demand at H4-C‑D 1.89320) we could see a move down on the short term (as a possible pullback to the W1 narrative) but this is already too much conjecture 🙂 Let’s see how the week unfolds.
Additional notes
- Brexit talks ongoing
ZOIs for Possible Shorts
- D1-C‑S 1.92932
- D1-C‑S 1.94545
- D1-C‑S 1.89834
- H4-C‑S 1.89952
- H4-C‑S 1.89660
ZOIs for Possible Long
- MN-C‑D 1.89719
- H4-C‑D 1.89320
- W1-C‑D 1.85879
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