15 May GBPNZD Week 20 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 — Bearish
- April closed as a Strong Bearish Inside Bar after reacting off MN-C‑S 1.97330
- Price is currently trading within last month’s body
Weekly — Slightly Bullish
- Last week closed as a W1 Bull Engulf (giving W1-C‑D 1.92819 above W1 QLo, W1 VWAP BO to CAS) however with a long selling wick (reacting off W1-C‑S 1.96840) indicating some sellers are still present
- Mid W1 swing after coming from W1 QLo
Daily — Bearish
- D1 Three Inside Down (giving D1-C‑S 1.95526) at D1 QHi coinciding with D1 UKC in R, with overhead W1-C‑S 1.96840
Sentiment summary — Slightly Bearish
- With newly formed W1 Bull Engulf with long selling wick (D1 THree Inside Down) there could be a move down to test newly formed W1 demand.
- D1 is range bound after rejecting D1 QHi the thesis holds up for a possible visit to QLo within the range bound narrative.
- Thesis won’t hold up if price retraces to newly formed D1 supply and holds around those levels. Although be flexible as price can pullback a bit to newly formed D1 supply before continuing down.
ZOIs for Possible Shorts
- W1-C‑S 1.96840
- D1-C‑S 1.95526
ZOIs for Possible Long
- W1-C‑D 1.92819
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