GBPNZD Week 7 Trading Plan

13 Feb GBPNZD Week 7 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 order flow. 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 Bullish

• Last month com­plet­ed a Morn­ing Star with a long buy­ing wick although not clos­ing far above MN-C‑D 1.89745
• Cur­rent­ly price has trad­ed below, test­ing, and is trad­ing above last month’s body

Week­ly — Bullish

• W1 con­sol­i­da­tion end­ing with a Bull Engulf fin­ish­er tak­ing out W1-C‑S 1.92156 clos­ing above W1 QLo (although not the strongest rejec­tion at the moment)

Dai­ly — Slight­ly Bullish

• D1-C‑S 1.91538 has been test­ed numer­ous times although right above it we have D1 200MA coin­cid­ing with D1-C‑S 1.92939
• D1 RBR clos­ing above W1 QLo with 2 tests of D1 QHi

H4 — Slight­ly Bullish

• Price trad­ing with­in H4 QHi with two tests off old sup­ply H4-C‑S 1.92348

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Due to W1 Bull Engulf fin­ish­er (as well as MN sen­ti­ment) com­bined with D1 test­ing of over­head sup­ply numer­ous times we could see a con­tin­u­a­tion high­er. Some con­ges­tion on D1 sup­plies are still in the way although high­er time­frame is more like­ly to pre­vail and thus I expect these to get tak­en out. Along these lines we could then also poten­tial­ly see a D1 200MA break out as it is flat­ten­ing right now and tak­ing out of over­head sup­ply would mean clos­ing well above the 200MA. Longs are favored more than shorts (riski­er). A con to the the­sis is the arrival at D1 QHi, but due to a rejec­tion (could be stronger) of W1 QLo we could dis­re­gard the D1 QHi although we might see some push­back around these lev­els also iden­ti­fied through the sup­plies men­tioned earlier.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1.92939
• H4-C‑S 1.92348
• D1-C‑S 1.91538

ZOIs for Pos­si­ble Long

• D1-C‑D 1.90495
• D1-C‑D 1.89878
• MN-C‑D 1.89745

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

• Twit­ter
• Insta­gram