GBPNZD Week 3 Trading Plan

17 Jan GBPNZD Week 3 Trading Plan

#Fin­twit #Order­flow #day­trad­ing #day­trade #forex #FX #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 order flow through 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 — Neu­tral to Slight­ly Bullish

• DBD form­ing a BASE at MN-C‑S 1.95004 BASE in Novem­ber with some­what clean arrival at MN-C‑D 1.89612 (although have been test­ed twice in July and September).
• Decem­ber closed as a long-legged Drag­on­fly Doji (longer buy­ing wick) and clos­ing above MN-C‑D 1.89612
• Cur­rent­ly price is trad­ing above demand but still 2 weeks to go

Week­ly — Slight­ly Bullish

• Closed as Bull Engulf with­in over­head sup­ply giv­ing W1-C-SD 1.90104(sharing W1 C‑sup).
• Pos­si­ble W1 Phase 1 tran­si­tion to 2

Dai­ly — Slight­ly Bullish

• D1 closed as a RBR giv­ing D1-C‑D 1.89777 BASE, price arriv­ing at D1-C‑S 1.90528 (round number) 
• Mid D1 swing

H4 — Slight­ly Bull­ish to Neutral

• Pos­si­ble H4 redis­tri­b­u­tion. Price react­ing off H4 VWAP in UT through RBR although price is trad­ing with­in H4 QHi
• Price test­ed D1-C‑S 1.90528 3 times

Mar­ket Pro­file — Balancing

• Val­ue cre­at­ed on top of pre­vi­ous val­ue but still with­in over­all range

Sen­ti­ment sum­ma­ry — Slight­ly Bull­ish to Neutral

• Price arrived at medi­um high­er time frame sup­ply so we might see some reac­tion off this although medi­um time frame price action shows we might push high­er. As always let price action (tak­ing out or cre­at­ing new SD zones) with pro­file sen­ti­ment guide trad­ing ideas. Trad­ing long is riski­er as price is trad­ing right into over­head medi­um high­er time frame sup­ply although larg­er time frame sen­ti­ment might sup­port such a move. Look for price fail­ure to take out sup­ply and pos­si­ble val­ue accep­tance plays to increase a pos­si­ble rever­sal sentiment. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C-SD 1.90104
• MN-C‑S 1.95004 BASE
• W1-C‑S 1.90104

ZOIs for Pos­si­ble Long

• MN-C‑D 1.89612
• D1-C‑D 1.89777 BASE
• D1-C‑D 1.87573

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym + manda­to­ry cardio
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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