GBPNZD 2021 Week 32 Trading Plan

07 Aug GBPNZD 2021 Week 32 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 with retest of new­ly formed C‑dem and clos­ing high­er after hav­ing made a HH clos­ing with­in MN supply
• Trad­ing mid swing after a MN QLo and Q1 QLo rejection
• Price trad­ing with­in last month’s body

Week­ly — Bullish

• W1 Bear­ish Inside Bar with longer buy­ing wick cre­at­ed react­ing off W1-C‑D 1.96800 and W1 VWAP in UT
• Price trad­ing mid W1 swing com­ing from a W1 QLo rejection

Dai­ly — Bullish

• Price closed below D1 QHi after hav­ing formed D1-C‑S 1.99349 then pro­ceed­ed to make a D1 Three Inside Up at W1-C‑D 1.96800
• Mid D1 Swing

Sen­ti­ment sum­ma­ry — Bullish

• Some sum­mer-time slowdown
• Even though W1 looks Bear­ish price has con­tin­ued mak­ing a HL in line with W1 VWAP in UT and there is a pos­si­ble W1 Phase 1. If there’s a break below W1 Demand there could be a shift in sentiment. 
• D1 Swing­ing with­in over­all range. Even though D1 QHi was reject­ed mul­ti­ple times, price has failed to fol­low-through on it (yet).

Addi­tion­al notes

• Might not be able to trade if ASR remains too tight

ZOIs for Pos­si­ble Shorts

• MN-C‑S 2.05903
• W1-C‑S 2.00000
• D1-C‑S 1.99349

ZOIs for Pos­si­ble Long

• W1-C‑D 1.96800
• 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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