GBPNZD Week 1 Trading Plan

01 Jan GBPNZD Week 1 Trading Plan

First day of the year. First week­ly plan. Let’s go! 

#Fin­twit #Order­flow #day­trad­ing #day­trade #forex #FX #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #GBPNZD 

This is my week­ly out­look on the Forex pair GBPNZD. Basi­cal­ly the lev­els that I will be look­ing at where it has 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 through mar­ket pro­file. 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 — Neutral

• DBD form­ing a BASE at MN-C‑S 1.95004 BASE in Novem­ber with some­what clean arrival at MN-C‑D 1.89612 (although have been test­ed twice in July and September).
• Decem­ber closed as a long-legged Drag­on­fly Doji (longer buy­ing wick) and clos­ing above MN-C‑D 1.89612

Week­ly — Neu­tral to Slight­ly Bullish

• DBD to test W1-C‑D 1.85877 and con­se­quent move away but no real fol­low-through yet although clos­ing last week as an Inside bar with longer buy­ing wick
• Trad­ing with­in W1 QLo

Dai­ly — Neutral

• Price tried break­ing out from D1 VWAP in DT but failed at 50MA form­ing new sup­ply at D1-C‑S 1.90528 before return­ing to D1-C‑D 1.88727 form­ing a Three Inside Up
• Mid D1 swing

H4 — Slight­ly Bullish

• Con­sol­i­da­tion at D1-C‑D 1.88727 end­ing with a Bull Engulf

Mar­ket Pro­file — Balancing

• 3 day brack­et­ing range

Sen­ti­ment sum­ma­ry — Balancing

• Due to arrival at MN demand lev­el and hav­ing formed a poten­tial rever­sal pat­tern we might see buy­ing com­ing in. This pat­tern could also just be a mere base lev­el. Although I expect some more bal­anc­ing before any big break from over­all range of the mar­ket. I’ll be more bull­ish if we could pen­e­trate or bet­ter take out D1-C‑S 1.90528 for a more bull­ish sen­ti­ment. The oppo­site applies if we take out for D1-C‑D 1.88727.

Addi­tion­al notes

• Non-farm on Fri­day 8th

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1.95437
• MN-C‑S 1.95004 BASE
• D1-C‑S 1.90528

ZOIs for Pos­si­ble Long

• MN-C‑D 1.89612
• D1-C‑D 1.88727
• W1-C‑D 1.85877

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym + manda­to­ry cardio
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

• Twit­ter
• Insta­gram