12 Dec GBPNZD Week 51 Trading Plan
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
- Moving deeper into underlying demand MN-C‑D 1.89659
Weekly — Slightly Bearish to Neutral
- Price forming a DBD arriving clean at W1-C‑D 1.85837 (tested once before in July 2019 and was created December 2018) with little reaction
Daily — Bearish
- D1 Bear Engulf (@D1 VWAP) giving D1-C‑S 1.89847 with follow-through down with some reaction at W1 C‑Dem
- Within D1 QLo
H4 — Slightly Bearish to Neutral
- Consolidation (with long buying wicks) within H4 Phase 4 breaking down giving H4-C‑S 1.87495 with follow-through. Inside bar with longer buying wick created at W1 C‑Dem followed by some consolidation.
Market Profile — Imbalance
- Profiles in DT with Friday having created a wider value area
Sentiment summary — Neutral
- With an accelerated move down from D1 VWAP after a Phase 1 / 3 (which turned out to be a Phase 3) taking out underlying demands and hitting W1 C‑Dem (2nd time testing) we could see a bounce and some reaction from this level although medium time frames could show a continuation on the short to medium term.
- Brexit talks on-going (1 more day). Will update Monday in Premarket Prep.
ZOIs for Possible Shorts
- MN-C‑S 1.97316
- MN-C‑S 1.95032 BASE
- H4-C‑S 1.91275
ZOIs for Possible Long
- MN-C‑D 1.89659
- D1-C‑D 1.89128
- W1-C‑D 1.85922
- H4-C‑D 1.85038
- D1-C‑D 1.84313
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