GBPNZD Week 21 Trading Plan

22 May GBPNZD Week 21 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 at the high of last month’s bar

Week­ly — Slight­ly Bullish

• Con­tin­u­a­tion to the W1 Bull Engulf clos­ing with­in W1-C‑S 1.96850 react­ing slight­ly off MN-C‑S 1.97330
• Mid W1 Swing com­ing from QLo

Dai­ly —  Neutral

• D1 RBR fol­lowed by a Doji clos­ing high­er above D1 UKC in R
• Trad­ing with­in D1 QHi

Sen­ti­ment sum­ma­ry — Slight­ly Bearish

• Price is con­sol­i­dat­ing on the Month­ly and is cur­rent­ly trad­ing at its high. Although com­ing from MN demand this could be Phase 1 indi­cat­ing more upside. W1 closed high­er and with­in W1 Sup­ply although below the Month­ly sup­ply. D1 is strug­gling to climb high­er after tak­ing out D1 Sup­ply although it has still closed slight­ly high­er as a Doji. Unless price can take out W1 Sup­ply End 1.98244 price could be revers­ing here. If price revers­es to D1-C‑D 1.96000 BASE lev­el there could be a con­tin­u­a­tion down to D1-C‑D 1.94900.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1.97330
• W1-C‑S 1.96850

ZOIs for Pos­si­ble Long

• D1-C‑D 1.96000 BASE
• D1-C‑D 1.94900

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

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