08 Jul GBPNZD 2021 Week 27 Trading Plan
#Fintwit #Orderflow #daytrading #daytrade #forex #FX #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife #GBPNZD
This is my weekly outlook on GBPNZD. The levels that I will be looking at with 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 — Bullish
- MN Three Inside Up giving MN-C‑D 1.95263 (plus a retracement and test of newly formed demand) with last month closing slightly above the consolidation range within MN-C‑S 1.97293
- Price trading mid MN swing after a rejection of QHi in January
- Price traded higher after rejecting MN-C‑D 1.89782
Weekly — Slightly Bullish
- W1 Bear Engulf giving W1-C‑S 1.97725 with a possible base formed last week with long selling wick reacting off newly formed supply
- Price trading mid swing after a W1 QLo rejection
Daily — Neutral
- D1 consolidation at D1 50MA in UT (forming demand) after a D1 QHi rejection with some supply formed below QHi
- Price trading mid D1 swing
Sentiment summary — Slightly Bullish
- A Three Inside Up was formed but price retraced to it’s c‑dem with some reaction. Usually a retracement in a Three Inside Up/Down is not the strongest sign.
- W1 QLo was rejected but formed a Bear Engulf mid swing with no follow-through at the moment. Would need this week’s close to get a better directional cue.
- D1 formed a wide demand above newly formed MN demand but has rejected D1 QHi. Although due to W1 QLo being rejected this could prove weak.
- ECB’s President Lagarde speech today
- Jul 08, 20:30 USD Initial Jobless Claims
ZOIs for Possible Shorts
- W1-C‑S 1.97725
- MN-C‑S 1.97293
ZOIs for Possible Long
- MN-C‑D 1.95263
- MN-C‑D 1.89782
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Weekly Focus Points
- Min. 3 times working out at home + mandatory cardio
- Trading rules
- Focus on taking ONE trade a day. If I missed the first DTTZ then a trade needs to be taken on the 2nd DTTZ unless there is a high/medium initiative activity day.
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Buffer trades (profit target >1R) are allowed and encouraged
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No social media / messenger apps / phone calls allowed during the trading window
- Weekly Focus Points
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING