01 Jun GBPNZD Week 22 Trading Plan
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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 — Slightly Bullish
- Price tested MN-C‑S 1.97512 5 times and is currently trading within consolidating range
- Last month closed as a Bullish Inside Bar but with a selling wick
- Price is trading mid MN swing
Weekly — Neutral
- After creating W1-C‑D 1.92838 price tested above supply (W1-C‑S 1.96876) 3 times before last week closing as a Bearish Inside Bar but with long buying wick reacting off W1 demand (coinciding with W1 VWAP)
- Mid W1 swing
Daily — Slightly Bullish
- Price created a Bullish Inside Bar with follow-through then created some supply and proceeded yesterday testing newly formed demand after a slight pullback closing somewhat neutral.
- Price is trading below D1 QHi
Sentiment summary — Slightly Bullish
- Due to MN closing somewhat Bullish there is some buying pressure. Although price is still within its consolidating range and would need to close above/below before a clear direction is made on the larger timeframe.
- W1 made a weak bearish inside bar due to the long buying wick reacting off newly formed W1 demand leaving behind a long buying wick indicating buyers are still present. Due to the contradicting nature there could be a W1 base forming around these levels indicating possibility for further balancing.
- D1 created new demand and is currently still trading above it. Unless price closes within newly formed demand the sentiment is slightly bullish regardless of newly formed supply and trading below D1 QHi (as price has rejected W1 QLO before).
- Nonfarm Friday
ZOIs for Possible Shorts
- MN-C‑S 1.97512
- W1-C‑S 1.96876
ZOIs for Possible Long
- D1-C‑D 1.94889
- W1-C‑D 1.92838
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