GBPNZD — Week 27 Trading Plan

27 Jun GBPNZD — Week 27 Trading Plan

This is my week­ly out­look on the Forex pair GBPNZD. Basi­cal­ly the lev­els that I will be look­ing at where it has 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 mar­ket pro­file. 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

• After a con­tin­ued drop, price reach­ing for MN-C‑D 1.89592 just above Q1 QLo. How­ev­er, still have 2 trad­ing days left in the month.
• Still mid-swing to MN1 QLo

Week­ly — Slight­ly Bearish

• Fad­ing momen­tum in the move down (also con­sid­er now being sum­mer months). Price has reached W1 QLo with no attempt below (yet)
• Last week’s price did close down
• No week­ly demand until W1-C‑D 1.85901

Dai­ly — Slight­ly Bearish

• Con­tin­ued sup­plies cre­at­ed and price below VWAP and LKC
• VWAP still being reject­ed with sup­ply D1-C‑S 1.95250 and then again with D1-C‑S 1.93079 NEW. 
• Price is get­ting clos­er to VWAP
• New­ly formed demand D1-C‑D 1.92689 NEW and Fri­day closed well with­in it after bounc­ing off D1 QLo ini­tial­ly with a weak­er inside bar

H4 — Slight­ly Bearish

• No reac­tion to H4 QLO and price trad­er low­er although fad­ing in size
• No demand between price and H4-C‑D 1.91438

Mar­ket Profile

• In down­trend for now

Sen­ti­ment sum­ma­ry — Slight­ly Bearish

• Due to new sup­plies being cre­at­ed and reject­ing D1 VWAP I am still bear­ish on the pair. Cons are D1/W1 QLo as well as W1 Being overex­tend­ed from VWAP.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.95250
• D1-C‑S 1.93079 NEW
• H4-C‑S 1.93553

ZOIs for Pos­si­ble Long

• MN-C‑D 1.8959
• W1-C‑D 1.85901
• D1-C‑D 1.92689 NEW
• H4-C‑D 1.91438

Focus Points for trad­ing development

• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • Trad­ing Priority
    • FX pair out­side value
    • FX pair inside > Gold
    • 2+R prof­it dur­ing LN con­sid­er trad­ing PNYC
  • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits