29 May GBPNZD 2023 Week 23 Trading Plan
#Fintwit #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
- Last month closed deep within MN supply
- Price trading mid swing although nearing Wide MN QHi
- Conjecture: price saw a move below supply but then reacted and made a HH potentially a continued bullish sign although no close yet.
Weekly — Bullish
- Last week closed as a W1 Bull Engulf giving W1-C‑D 2.00909 HiDC closing deep within Wide W1 QHi
- Price failed to close within W1-C‑S 2.04423 (coinciding with MN QHi) and is trading right underneath
- Conjecture: Even though price made a big bull engulf it did so HiDC. Price failing to close within W1 Supply could see sellers coming in.
Daily — Bullish
- Price closed higher on momentum above previous swing high but failed to close within D1-C‑S 2.04163
- Price trading within Wide D1/W1 QHi
- Conjecture: price trading at these levels could see sellers coming in. However due to the Wide D1/W1QHi there could be a continuation higher taking out swing high. Lots of congestion in the way though.
Sentiment summary — Bullish
Focus Points for trading development
- Monthly Goals
- Use SL scaling