GBPNZD — Week 28 Trading Plan

04 Jul GBPNZD — Week 28 Trading Plan

#day­trade #day­trad­ing #forex #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #GBPNZD 

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

• Last month price closed well below VWAP and is near­ing MN-C‑D 1.89650 just above Q1 QLo although in the mid­dle of MN1 swing

Week­ly — Bearish

• Last week closed on its low below LKC
• No week­ly demand ZOIs until W1-C‑D 1.85887

Dai­ly — Bearish

• Con­tin­u­ous down trend stay­ing below VWAP. Swing becom­ing slight­ly more frequent
• Fri­day closed on its low with­in D1 demand (D1-C‑D 1.91314) after hav­ing formed a bear engulf D1-C‑S 1.92077

H4 — Bearish

• Lad­der down then con­sol­i­da­tion with strong fin­ish­er down (cre­at­ing H4-C‑S 1.90879 Con­sol­i­da­tion + BD) that went up and test­ed H4-C‑S 1.91441 and cre­at­ed a strong sell­ing wick. Again, closed on its low.

Mar­ket Pro­file — Bearish

• Fri­day opened below brack­et­ing range, test­ed and reject­ed it

Sen­ti­ment sum­ma­ry — Bearish

• All time frames indi­cat­ing sell­ers in charge, how­ev­er have to be care­ful due to large time frame demand and Q point. For the time being the sen­ti­ment is bear­ish fur­ther enhanced by mar­ket ini­tial­ly bal­anc­ing and then pro­ceed­ing to break down and retest pre­vi­ous bal­anc­ing range.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1.91441
• D1-C‑S 1.92077
• D1-C‑S 1.93071
• D1-C‑S 1.95234

ZOIs for Pos­si­ble Long

• D1-C‑D 1.91314
• MN-C‑D 1.89650
• W1-C‑D 1.85887

Focus Points for trad­ing development

• Week­ly Goal
  • Cor­rect posi­tion sizing
• 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
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING