GBPNZD Week 35 Trading Plan

23 Aug GBPNZD Week 35 Trading Plan

#day­trade #day­trad­ing #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 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 — Slight­ly Bullish

• Devel­op­ing month push­ing high­er in line away from pre­ced­ing month hav­ing formed a nor­mal vari­a­tion at MN-C‑D 1.89659
• Near­ing MN QHi but no touch yet (UKC in down­trend proved reactive)
• Lit­tle over a week left in the month

Week­ly — Neutral

• Con­sol­i­da­tion + Bull engulf cre­at­ing W1-C‑D 1.92067 with­in W1 QLo
• RBR cre­at­ing W1-C‑D 1.97865 BASE, if lev­el hit might see a rever­sal to the cur­rent rally
• Last week devel­oped a some­what inde­ci­sive inside bar with slight­ly longer sell­ing wick with buy­ing wick bounc­ing off VWAP (slop­ing down)
• Phase 2, pos­si­ble tran­si­tion to 3
• Mid-swing

Dai­ly — Neutral

• D1 Phase 3 through con­tra­dict­ing price action, bull engulf hav­ing formed demand at D1-C‑D 2.00546 (weak­er with­in clutter)
• D1 QHi hit and proved reac­tive retrac­ing Thursday’s move clos­ing with­in demand
• D1 still above VWAP 

H4 — Slight­ly Bearish

• Con­sol­i­da­tion at pre­vi­ous QHi with con­fi­dent bear engulf form­ing H4-C‑S 2.02267, con­se­quent­ly form­ing new Q points
• Price closed below QHi near­ing QLo (no touch) cre­at­ing weak demand through inside bar with longer sell­ing wick (test­ing VWAP), pos­si­ble consolidation
• H4-C‑D 1.99491 with­in QLo

Mar­ket Pro­file — Neutral

• Pro­files Bracketing

Sen­ti­ment sum­ma­ry — Neu­tral to slight­ly Bearish

• Due to pos­si­ble D1 Phase 3 I am more inclined to the down­side but we would need to break down from the cur­rent range first. A retrace­ment to W1 base at 1.97865 would strength­en the bear­ish sen­ti­ment into the larg­er time­frames. Any­thing above, the larg­er time frame sen­ti­ment remains bull­ish even though through medi­um time frame bear­ish sentiment. 

ZOIs for Pos­si­ble Shorts

• H4-C‑S 2.02267

ZOIs for Pos­si­ble Long

• D1-C‑D 2.00546 (weak­er with­in clutter)
• H4-C‑D 1.99491
• D1-C‑D 1.98364
• W1-C‑D 1.97865 BASE
• D1-C‑D 1.97343
• MN-C‑D 1.89659

Focus Points for trad­ing development

• Week­ly Goal
  • For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day
  • Incor­po­rate pro­file day type
• Trad­ing Rules
  • If Open out­side of val­ue con­sid­er the place­ment in rela­tion to ADR/ASR
  • FX with­in val­ue > DAX
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING