GBPNZD Week 8 Trading Plan

20 Feb GBPNZD Week 8 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. 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 com­plet­ed a Morn­ing Star with a long buy­ing wick although not clos­ing far above MN-C‑D 1.89745
• Price test­ed under­ly­ing demand and is cur­rent­ly trad­ing above last month’s body with some reac­tion from the top as well.
• Still a week left in the candle

Week­ly — Slight­ly Bearish

• Price took out over­head sup­ply to then get pushed back down clos­ing as a W1 Shoot­ing Star although would need anoth­er can­dle (ie. anoth­er week’s trad­ing) before we can deter­mine a direc­tion­al clue off the formation.
• Price did not close below W1 QLo

Dai­ly — Bearish

• Some con­sol­i­da­tion at D1 200MA with a Bear Engulf fin­ish­er giv­ing new sup­ply at D1-C‑S 1.92730 clos­ing with­in under­ly­ing demand (but did not take it out yet at 1.91650) and reject­ing D1 QHi.

H4 — Neutral

• H4 Phase 4 with clean arrival at H4-C‑D 1.92000 fol­lowed by some con­ges­tion through con­sol­i­da­tion (with long buy­ing wicks) although a Bear Engulf was formed. 

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Due to larg­er time­frame still being bull­ish this retrace­ment could just be a pull­back in the mar­ket. We would need anoth­er week’s trad­ing to deter­mine a high­er like­li­hood of a turn­around in sen­ti­ment on the larg­er time­frames. Hav­ing retraced back to W1 QLo we could poten­tial­ly see anoth­er bounce from here. Will need more intra­day infor­ma­tion to guide sentiment. 

Addi­tion­al notes

• It is the last week of the month so some cau­tion is advised
• Wednes­day — RBNZ Mon­e­tary Pol­i­cy Statement

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.94113
• D1-C‑S 1.92730

ZOIs for Pos­si­ble Long

• D1-C‑D 1.92353
• D1-C‑D 1.91538
• W1-C‑D 1.91185

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Take a break from cer­tain com­po­nents of social media
  • 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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