13 Mar GBPNZD Week 11 Trading Plan
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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. 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 — Slightly Bullish
- Slight continuation traded higher away from MN-C‑D 1.89719 although closing with a selling wick (buying wick slightly longer) indicating some sellers are still present
- Price currently trading above last month’s body close nearing MN-C‑S 1.95078 BASE level.
Weekly — Slightly Bullish
- Price closed making a HH although with longer selling wick reacting off W1 50MA in DT nearing W1-C‑S 1.95442
- Trading above W1 QLo
Daily — Slightly Bullish
- D1 Price consolidation continued (above D1 200MA in R) with Friday closing as a weak bull engulf with long selling wick. D1 supply still intact although tested multiple times.
- Price trading within D1 QHi
Sentiment summary — Slightly Bullish
- Price has rejected W1 QLo some time ago and has slowly been moving higher with W1 inching and closing higher. Long selling wicks indicating still some sellers left around these levels. Price is nearing a MN base level which sits around W1 supply that when hit might prove reactive although on the longer term could fail as well. For now, price has still not taken out D1 supply so price can remain messy still although price has been consolidating above D1 200MA in R but would need a confident break away.
ZOIs for Possible Shorts
- MN-C‑S 1.95078 BASE
- W1-C‑S 1.95442
- D1-C‑S 1.92964
ZOIs for Possible Long
- W1-C‑D 1.90000
- MN-C‑D 1.89719
Focus Points for trading development
- Monthly Goals
- Don’t trade Non-Farm Fridays
- Continue tracking my DRC tracking sheet
- Focus on my own progress and less on others
- Take a break from certain components of social media
- 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