11 Jan GBPNZD Week 2 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 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 — Slightly Bearish
- Closed down forming a Three Inside Down giving W1-C‑S 1.90104 reacting off W1-C_D 1.85877 leaving a buying wick behind (below 50%), possible W1 Phase 1
- Price below VWAP in DT at bottom of Range
Daily — Neutral to slightly Bullish
- D1 Three Inside Up (with long selling wicks) within D1-C‑D 1.87573 and D1 QLo and slight continuation to the move closing slightly above demand.
- Price below D1 VWAP in DT
Market Profile — Balancing
- 3‑day bracketing range
Sentiment summary — Balancing
- Due to the developing nature of the MN candle it is a bit unclear in terms of directional (on medium term) bias and W1 confirms this with a possible Phase 1 although we don’t know for sure until there is a break from the range. Possibility for more downside on short to medium term. As always let profile and price action guide you for further clues.
ZOIs for Possible Shorts
- W1-C‑S 1.95437
- MN-C‑S 1.95004 BASE
- W1-C‑S 1.90104
ZOIs for Possible Long
- MN-C‑D 1.89612
- D1-C‑D 1.88727
- W1-C‑D 1.85877
- D1-C‑D 1.84357
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