GBPNZD Week 12 Trading Plan

20 Mar GBPNZD Week 12 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 — 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 although no touch (yet)

Week­ly — Slight­ly Bullish

• Last week closed as an Inside Bar (react­ing off W1 50MA in DT) that retraced to 50% mark although leav­ing behind a longer buy­ing wick. 

Dai­ly — Neutral

• D1 Phase 1 / 3 
• Price retraced and closed as a Bear­ish Inside Bar to new­ly formed D1-C‑D 1.93214 that was formed through Bull Engulf
• Price flat around D1 200MA clos­ing above

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Due to larg­er time frame bull­ish sen­ti­ment we could see more upside. Although W1 has print­ed an Inside Bar it did print with a long buy­ing wick. The dai­ly is show­ing con­tra­dic­to­ry price action in line with Phase 1 or 3. This could also be due to price trad­ing around D1 200MA in R which is a sig­nif­i­cant lev­el due to the mul­ti­tude of eyes on it. Price has closed above after a rejec­tion much ear­li­er of W1 QLo and price is cur­rent­ly trad­ing with­in D1 QHi although D1 sup­ply is still intact. Unless price can take out D1 demand and close below D1 QHi price could set up for a bear­ish close on the Week­ly. Until such time the nod is still towards a bull­ish sentiment. 

Addi­tion­al notes

• N.A.

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
  • No momen­tum trades on 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

• Twit­ter
• Insta­gram