Bear Market Trader | Weekly trading Plan GBPNZD
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GBPNZD Week 20 Trading Plan

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.

Addi­tion­al notes

  • N.A.

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


Day trader. Tech geek. Sim Racing Enthusiast.

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