06 Apr GBPNZD Week 14 Trading Plan
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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
- Continuation higher from MN-C‑D 1.89646 reaching MN-C‑S 1.97316 with only a slight reaction.
- Mid MN swing
Weekly — Slightly Bullish
- Moved higher through RBR giving demand at W1-C‑D 1.93978
- Created a neutral Inside Bar at MN-C‑S 1.97316 not yet having reached W1-C‑S 2.00110
- Mid W1 swing
Daily — Neutral
- D1 Three Outside Down with no continuation with D1-C‑D 1.96720 still holding.
- D1-C‑S 1.98127 (and D1 QHi) been tested twice
- Possible beginning of Phase 3
Sentiment summary — Neutral
- Price hit and closed almost on its high on the Monthly indicating a potential for more upside. Although this upside would be trading directly into a Monthly supply zone. A weekly supply has not yet been hit so this could be the reversal point if price does decide to push a little higher. D1 is showing possible signs of the start of a Phase 3 in line with a possible reversal around these levels.
ZOIs for Possible Shorts
- W1-C‑S 2.00110
- D1-C‑S 1.98127
- MN-C‑S 1.97316
ZOIs for Possible Long
- D1-C‑D 1.96720
- W1-C‑D 1.93978
- MN-C‑D 1.89646
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Feeling okay with NOT trading
- Have ‘quieter’ weekends
- Weekly Goal
- Min. 3 times hitting the gym + mandatory cardio
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or hit time stop)
- M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- 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