GBPNZD Week 44 Trading Plan

24 Oct GBPNZD Week 44 Trading Plan

#day­trade #day­trad­ing #forex #FX #Forex­trad­er #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 Bearish

• MN C‑Sup proved reac­tive mul­ti­ple times and is cur­rent­ly trad­ing below pre­vi­ous month’s body
• 1 week left in the month

Week­ly — Bearish

• W1 Phase 1 / 3, pos­si­ble tran­si­tion to 4
• Con­sol­i­da­tion with longer sell­ing wicks and last week clos­ing as pin­bar with long sell­ing wick and clos­ing at its low below pre­vi­ous Base

Dai­ly — Slight­ly Bearish

• D1 Bear Engulf giv­ing D1-C‑S 1.96729 return­ing to D1 VWAP with Fri­day con­tin­u­ing the move down clos­ing below D1 VWAP arriv­ing clean at D1-C‑D 1.94746

H4 — Slight­ly Bearish

• Con­sol­i­da­tion with­in H4 Phase 4 cre­at­ed some sup­ply at H4-C‑S 1.95845 (mid swing) and con­tin­ued down arriv­ing at H4 QLo (although a speed bump on the way after break away from sup­ply due to tak­ing out pre­vi­ous demands) with no reac­tion (yet)

Mar­ket Pro­file — Imbalance

• 2 days brack­et­ing fol­lowed by a wider VA just below brack­et­ing range and Fri­day even wider and low­er from range exhaust­ing ADR 

Sen­ti­ment sum­ma­ry — Slight­ly Bearish

• Although there is an obvi­ous imbal­ance to the down­side price has arrived at a D1 demand and H4 QLo so we could see some reac­tion here. Due to the some­what force­ful nature of the move down, the sen­ti­ment is more enhanced due to W1 tran­si­tion to Phase 4 pos­si­bil­i­ty and prox­im­i­ty to a pos­si­ble test of D1 QLo sug­gest (even though with­in D1 demand) we could poten­tial­ly see a con­tin­u­a­tion on the low/medium timeframes. 

Addi­tion­al notes

• Day­light Sav­ing Time Shift
• Mon­day — NZD bank holiday
• Thurs­day — EU mon­e­tary Pol­i­cy statement

ZOIs for Pos­si­ble Shorts

• MN-C-SD 1.97316
• D1-C‑S 1.96729
• H4-C‑S 1.95845

ZOIs for Pos­si­ble Long

• D1-C‑D 1.94746
• W1-C‑D 1.92083

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
• 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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