My NZD/USD trade closed for 1.35% yesterday (2.7R, since I am only risking 0.5% per position while doing my 5ers evaluation)
So rather happy with it, I had adjusted my profit target from 3R to 2.7R since I came to realize my broker executed my entry a fair amount lower than the close of the 4h candle.
In my backtesting I take the exact close of the candle, hence I decided to to set the same profit target as if I was backtesting, which led to this lower profit.
I’m happy with this execution and management, let’s hope this month keeps brining us opportunuities.
On top of that, I have finally completed the review of my (and a few colleagues) 2018 to 2020 backtest, so I’ll be starting (once again) to backtest the scale in positions offered by these positions over this next few days.
This trade is a position I am rather keen on, there is a very clear, fresh, zone just a few pips below the current price action.
Once the price reaches it we’ll be able to say it created a clear double bottom, which I know other traders will be keeping an eye on.
On top of that, the trend was clearly broken since a higher high and a higher low has been made since the zone was created.
There’s also a rather clear weekly stack so all in all, I’ll be happy to execute this position.
EUR/JPY is also a pair on my daily watchlist, that being said, I would prefer if we could witness another daily close below the trendline before retesting the supply zone.
There is no weekly stack, however there is a monthly one. That being said, if the week closes as a bearish candle, I’ll be keen for a short next week too.
This trendline is rather obvious to my eyes, which makes me believe this zone shall be quite strong.
That being said, it is coming from the rejection of another zone, so it is possible that there’s not that many orders left to be filled by institutions
That’s all I have on my daily watch for today!
A lot more pairs are shaping up rather nicely, that being said, I’ll keep them for when they’re on active watch instead of talking about them every day!
I’ve finished reading Surely You’re Joking Mr Feynman – definitely worth it
Will now look into my booklist and see which one I’ll read next, or if I want to re-read one of my other books.
That being said, I’ve noticed that Jay Shetty just published a book, Think like a monk, so I may buy that one since I like Jay’s message
Tweet wise…. Here’s my favourite of the day
It should be seen as a success and not a failure. It should be celebrated, not ridiculed.
Yep, I’m using my own twitter to share my favourite twitter ahah
Have a good one folks! Speak tomorrow