GBPNZD Week 32 Trading Plan

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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 — Bullish

• Q1 QLo and MN-C-D1.89919 reac­tive and price closed above MN VWAP retrac­ing ¾ of pre­ced­ing month

Week­ly — Slight­ly Bullish

• W1-C‑D 1.92020 formed through RBR and last week a strong move high­er reach­ing for VWAP in a rang­ing market

Dai­ly — Slight­ly Bullish

• Strong uptrend after bounce of W1/D1 QLO with price above UKC and VWAP and Fri­day clos­ing near its high
• Ranges were decreas­ing slight­ly to then increase sig­nif­i­cant­ly on Friday
• No sup­ply until D1-C‑S 1.99731

H4 — Slight­ly Bullish

• Strong demands being formed one after anoth­er how­ev­er lat­est (H4-C‑D 1.96146) not as strong due to come con­sol­i­da­tion before a continuation
• Con­sol­i­da­tion break out with bull engulf giv­ing H4-C‑D 1.96348

Mar­ket Pro­file — Neu­tral to Slight­ly Bullish

• Sev­er­al uptrend­ing days fol­lowed by the last day open­ing below val­ue with­in range to then break out to new highs — pos­si­ble exhaustion

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Due to dai­ly ranges ini­tial­ly decreas­ing but then end­ing with a severe­ly increased range ie. strong move up. Com­bined with the pro­file show­ing a day where we opened below val­ue (above val­ue would be more in line with a sus­tained uptrend) we could be look­ing at an exhaus­tion in the mar­ket for the short to medi­um term although intra­day sen­ti­ment needs to be assessed for fur­ther clues. We could just be build­ing up steam.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.99731

ZOIs for Pos­si­ble Long

• MN-C-D1.89919
• W1-C‑D 1.92020
• D1-C‑D 1.92660
• H4-C‑D 1.96146
• H4-C‑D 1.94792
• H4-C‑D 1.94185
• H4-C‑D 1.96348

Focus Points for trad­ing development

• Week­ly Goal
  • Have cor­rect SL place­ment and posi­tion sizing
  • Apply the right strat­e­gy to cur­rent mar­ket conditions
• Risk Man­age­ment
  • Only take 1 trades a day and 1R tar­get to claw back out of drawdown
  • Only trade off M30 can­dles or momen­tum trades
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING