Bear Market Trader | Weekly trading Plan GBPNZD
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GBPNZD Week 46 Trading Plan

GBPNZD Week 46 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

  • Octo­ber closed as an inside bar test­ing MN-C‑S 1.97316 (cre­at­ed through a Bear Engulf with long buy­ing wick)

Week­ly — Slight­ly Bearish

  • Phase 3 tran­si­tion to 4 through Bear Engulf last week giv­ing W1-C‑S 1.95342 (near W1 VWAP in DT) although formed dur­ing the US elec­tions so might not be the most valid PA
  • W1-C‑D 1.92065 (coin­cid­ing with W1 LKC in range) reac­tive for now but still the rest of the week to go
  • Trad­ing with­in QLo

Dai­ly — Slight­ly Bearish

  • Yes­ter­day trad­ed below the con­sol­i­da­tion we had giv­ing D1-C‑S 1.93536 (base)

H4 — Slight­ly Bullish

  • H4 con­sol­i­da­tion with Bull Engulf fin­ish­er giv­ing H4-C‑D 1.92790 right above D1 QLo with some fol­low-through leav­ing some longer buy­ing wicks behind.

Mar­ket Pro­file — Balancing

  • Mul­ti-day brack­et­ing range cur­rent­ly con­sol­i­dat­ing on LTF below range 
  • ASR still not wide enough for opti­mal trad­ing con­di­tions but get­ting there

Sen­ti­ment sum­ma­ry — Neu­tral to Slight­ly Bullish

  • Due to the con­sol­i­da­tion on LTF below brack­et­ing range we can see more bal­anc­ing in the mar­ket. Medi­um time frame is show­ing a pos­si­ble push high­er from D1 QLo but ranges are still slight­ly too tight.

Addi­tion­al notes

  • Still some uncer­tain­ty after Biden’s win with Trump claim­ing elec­toral fraud etc. 
  • Wednes­day
    • NZD — Mon­e­tary pol­i­cy statement 
  • Thurs­day
    • BOE Gov Bai­ley speaks
  • Fri­day
    • ECB Pres­i­dent Lagarde / BOE Gov Bai­ley / Fed Chair Pow­ell speaks

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1.97316
  • W1-C‑S 1.95342
  • D1-C‑S 1.93536 (base)

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.92790

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


Day trader. Tech geek. Sim Racing Enthusiast.

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