GBPNZD Week 6 Trading Plan

06 Feb GBPNZD Week 6 Trading Plan

#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 order flow through 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 Bullish

• Last month com­plete a Morn­ing Star with a long buy­ing wick although not clos­ing far above MN-C‑D 1.89745 as there are still some sell­ers present

Week­ly — Slight­ly Bearish

• Last week trad­ed down as a slight Bear Engulf (and did not take out W1-C‑S 1.90661 but test­ed many times) but again a long buy­ing wick was formed after test­ing under­neath MN-C‑D 1.89745 
• Failed to close above W1 QLo

Dai­ly — Slight­ly Bullish

• D1 Bull Engulf formed (giv­ing D1-C‑D 1.89878) with no fol­low-through. Instead react­ing off D1-C‑S 1.91538 and clos­ing as an Inside Bar with long sell­ing wick. We’d need anoth­er day’s close to get a bet­ter direc­tion­al confirmation.
• Price has not yet reached D1 QHi.

H4 — Slight­ly Bearish

• A RBR into over­head sup­ply failed to push high­er form­ing a Bear Engulf giv­ing new H4-C‑S 1.91149 (reject­ing H4 QHi) and con­se­quent­ly formed a slight push lower.

Mar­ket Pro­file — Imbalance

• A large val­ue area was cre­at­ed at a 2‑day brack­et indi­cat­ing a pos­si­ble pick­up on a change of sen­ti­ment on larg­er time frame. After which price climbed high­er form­ing a some­what wide val­ue area again at H4 QHi. 

Sen­ti­ment sum­ma­ry — Slight Imbalance

• Price has not yet reached D1 QHi so there is room for more upside. In case price does reach­es this lev­el it would have tak­en out W1 sup­ply indi­cat­ing a high­er like­li­hood of a sen­ti­ment change to a bull­ish trend. How­ev­er, medi­um time­frame is indi­cat­ing a poten­tial bal­anc­ing first before com­mit­ting to a direc­tion­al bias. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.91538
• W1-C‑S 1.90661

ZOIs for Pos­si­ble Long

• D1-C‑D 1.89878
• MN-C‑D 1.89745

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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