GBPNZD Week 51 Trading Plan

12 Dec GBPNZD Week 51 Trading Plan

#Fin­twit #Order­flow #day­trad­ing #day­trade #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 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. 

Addi­tion­al notes

• 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

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