05 Dec GBPNZD Week 50 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 — Slightly Bearish to Neutral
- MN closed as a DBD after moving away from MN-C‑S 1.97316 forming MN-C‑S 1.95032 BASE but failed to close within underlying MN-C‑D 1.89659
- Trading within last month’s bar above MN-C‑D 1.89659
Weekly — Neutral to Slightly Bearish
- W1 Phase 4 running into congestion with last week closing as an Inside Bar retracing more than 50%.
Daily — Slightly Bullish
- D1 Phase 1 followed with a Bull Engulf giving D1-C‑D 1.89833 and Friday closing as a D1 Shooting Star reacting off D1-C‑S 1.91534 and D1 VWAP in DT closing as a continuation.
H4 — Slightly Bearish
- H4 Bear Engulf formed at previous supply H4-C‑S 1.91275 almost completely returned to H4-C‑D 1.90553 BASE
Market Profile — Imbalance
- Profiles sloping up
Sentiment summary — Neutral
- Still no W1 demand formed and the next demand is still far below. However due to last week closing as an Inside Bar (can expect medium term downside still) and the Daily showing a possible transition to Phase 2 (due to large supplies could be a bit risky as well as all trends are down) we could see new demand created here. Failure to break and hold over D1 1.91534 would prove the opposite.
- Brexit Deal talks ongoing
ZOIs for Possible Shorts
- MN-C‑S 1.97316
- MN-C‑S 1.95032 BASE
- H4-C‑S 1.91275
ZOIs for Possible Long
- H4-C‑D 1.90553 BASE
- D1-C‑D 1.89833
- MN-C‑D 1.89659
- D1-C‑D 1.89128
- W1-C‑D 1.85922
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