#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
- Slight continuation traded higher away from MN-C‑D 1.89719 although closing with a selling wick (buying wick longer) indicating some sellers are still present
Weekly — Slightly Bullish
- W1 QLo rejection with a consolidation testing QLo and closing above QLo as a slight Bull Engulf with very long buying wick reacting off MN-C‑D 1.89719.
- Some supply was formed
- Price above W1 VWAP in DT although no confident break higher (yet)
Daily — Slightly Bullish
- Possible Phase 3 as there are some conflicting price formations testing D1 200MA although due to larger timeframe sentiment I am leaning towards a redistribution
- Rejected D1 QHi moved mid-swing to then close within QHi yet again (larger timeframe W1 QLo sentiment could negate the strength of D1 QHi)
Sentiment summary — Slightly Bullish
- Due to higher timeframe sentiment we could see more bullish price action come in. Unless we break down from W1 consolidation. Due to price nearing and reacting off D1 200MA I believe we can see more contradicting movies possibly ‘shaking out’ retail traders before making an obvious directional move.
Additional notes
- Non-farm on Friday
ZOIs for Possible Shorts
- MN-C‑S 1.97300
- W1-C‑S 1.95442
- D1-C‑S 1.92964
ZOIs for Possible Long
- MN-C‑D 1.89719
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