14 May GBPNZD 2023 Week 20 Trading Plan
#Fintwit #XAUUSD #GBPNZD #MarketProfile #Orderflow #TradingPlan
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, get in touch with me.
Monthly — Bullish
- Price closed deep within MN supply, (4th up move in a row)
- Still trading within range
- Trading below MN QHi
- Conjecture: Price is potentially increasing in momentum and could take out MN Supply and test MN QHi. Price failed to close above body from beginning 2022 and could see pushback from sellers.
Weekly — Bearish
- W1 Bear Engulf below MN QHi giving W1-C‑S 2.02620 failing to close below Wide QHi
- Price trading above W1 UKC in R
- Last week closed as a W1 Hammer
- Conjecture: Price trading at these levels are more likely to see a push lower. However, since price is still within QHi and due to the development of a Bear Engulf there could be a push higher first. Possibly even till newly developed W1 Supply for a 2nd chance entry. Hammer indicates a possible continuation lower, however price is still within Wide W1 QHi.
Daily — Bullish
- D1 Three Outside Up giving D1-C‑D 1.98627 Momentum closing within D1-C‑S 2.00771 BASE at Round Number.
- D1 QHi rejected, price failed to test D1 QLo.
- Conjecture: return to D1 Base level could see a continuation to originating level at 2.03. D1 Three Outside Up made a big move and could be exhausted at D1 VWAP in UT (possible CAR).
Sentiment summary — Bullish
Focus Points for trading development
- Monthly Goals
- Use SL scaling