08 May GBPNZD Week 19 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 — Bearish
- April closed as a Strong Bearish Inside Bar after reacting off MN-C‑S 1.97330
- Price is currently trading below last month’s body although currently still within in range
Weekly — Bearish
- W1 Phase 4 continuation through DBD with last week closing lower (although within previous week’s range) after having created a long selling wick
Daily — Slightly Bearish
- D1 Bear Engulf at D1 VWAP in DT after a BO attempt followed by a continuation lower closing within D1-C‑D 1.92400 after testing W1/D1 Demand End twice. Friday closed as a doji with longer selling wick
- Price trading above D1/W1 QLo (got tested multiple times)
Sentiment summary — Slightly Bearish
- With W1 closing lower there could be continuation to the move. Although D1 Demand End has been tested it has not been taken out.
- If price takes out demand there could be a continuation to the move although there was some strong W1 Accumulation around these levels before.
- Although due to price trading above D1/W1 QLo and a possible MN consolidation and having rejected W1 QLo without rotating to QHi there might be a move higher but price has not supported this thesis yet.
ZOIs for Possible Shorts
- D1-C‑S 1.94900
- D1-C‑S 1.93070
ZOIs for Possible Long
- D1-C‑D 1.92400
- W1-C‑D 1.90092
- MN-C‑D 1.89610
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
- Aim to have a minimum of ONE TRADE per trading day
- Trading Rules
- Be mindful of DTTZs
- Only price-action based exit rules (or hit time stop)
- IF NOT… I will do a Bart Simpsons exercise of 7 days, 50 sentences of: “I will trust my trading skills and take my exits accordingly”.
- M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Trade from D and upwards unless a possible momentum trade, value acceptance or otherwise.
- Risk Management
- At least 1 trade with 1% risk, 2nd trade only if first one worked out
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING