GBPNZD 2021 Week 27 Trading Plan

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. 

Addi­tion­al notes

• 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
• 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

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