22 May GBPNZD Week 21 Trading Plan
#FinÂtwit #OrderÂflow #dayÂtradÂing #dayÂtrade #forex #FX #tradeÂplan #tradÂingÂplan #tradÂingÂforex #tradÂinglifestyle #dayÂtraderÂlife #GBPNZD
This is my weekÂly outÂlook on GBPNZD. The levÂels that I will be lookÂing at with a highÂer probÂaÂbilisÂtic chance the marÂket will start reactÂing. DurÂing the sesÂsion I then wait for the marÂket to hit those levÂels and either conÂfirm or reject my bias through price action conÂfirÂmaÂtion and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to peoÂple that are on the same path as me. So donât be shy and reach out.
MonthÂly â Bearish
- April closed as a Strong BearÂish Inside Bar after reactÂing off MN-CâS 1.97330
- Price is curÂrentÂly tradÂing withÂin last monthâs body at the high of last monthâs bar
WeekÂly â SlightÂly Bullish
- ConÂtinÂuÂaÂtion to the W1 Bull Engulf closÂing withÂin W1-CâS 1.96850 reactÂing slightÂly off MN-CâS 1.97330
- Mid W1 Swing comÂing from QLo
DaiÂly â Neutral
- D1 RBR folÂlowed by a Doji closÂing highÂer above D1 UKC in R
- TradÂing withÂin D1 QHi
SenÂtiÂment sumÂmaÂry â SlightÂly Bearish
- Price is conÂsolÂiÂdatÂing on the MonthÂly and is curÂrentÂly tradÂing at its high. Although comÂing from MN demand this could be Phase 1 indiÂcatÂing more upside. W1 closed highÂer and withÂin W1 SupÂply although below the MonthÂly supÂply. D1 is strugÂgling to climb highÂer after takÂing out D1 SupÂply although it has still closed slightÂly highÂer as a Doji. Unless price can take out W1 SupÂply End 1.98244 price could be reversÂing here. If price reversÂes to D1-CâD 1.96000 BASE levÂel there could be a conÂtinÂuÂaÂtion down to D1-CâD 1.94900.
AddiÂtionÂal notes
- N.A.
ZOIs for PosÂsiÂble Shorts
- MN-CâS 1.97330
- W1-CâS 1.96850
ZOIs for PosÂsiÂble Long
- D1-CâD 1.96000 BASE
- D1-CâD 1.94900
Focus Points for tradÂing development
- MonthÂly Goals
- No momenÂtum trades on Non-Farm Fridays
- FeelÂing okay with NOT trading
- Have âquiÂeterâ weekends
- WeekÂly Goal
- Min. 3 times hitÂting the gym + mandaÂtoÂry cardio
- Aim to have a minÂiÂmum of ONE TRADE per tradÂing day
- TradÂing Rules
- Be mindÂful of DTTZs
- Only price-action based exit rules (or hit time stop)
- IF NOT⌠I will do a Bart SimpÂsons exerÂcise of 7 days, 50 senÂtences of: âI will trust my tradÂing skills and take my exits accordinglyâ.
- M15/M30 comÂbiÂnaÂtion at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Trade from D and upwards unless a posÂsiÂble momenÂtum trade, valÂue accepÂtance or otherwise.
- Risk ManÂageÂment
- At least 1 trade with 1% risk, 2nd trade only if first one worked out
- CapÂiÂtal PreserÂvaÂtion durÂing drawÂdown allows for 1R profit-taking
- 2 conÂsecÂuÂtive days of lack of sleep = NO TRADING