I’ve been sharing every single FX trade I’ve taken since the beginning of these daily watchlist posts, so I’ll update you on my GBP/NZD position
My scale in, is now closed for breakeven, I moved it to breakeven once it reached 2% profit as per my trading plan, and let forgot about it.
It went up to run close to 3% and then the price reversed and took me out
I am currently still in my original 4hour entry, time will tell what happens, fate permitting the price will retrace higher 🙂
Now, onto the important stuff, no point living in the past, we can’t change what happened, and we can’t control the price action, all we can do is control our own actions
(I think what I just bolded is key for any trader / for really anyone – so read it over again please)
Aussie Kiwi will be the main on my watchlist, I like this counterzone.
This counter zone is rather clear, it led to break of two different zones and it’s still fresh.
The price has reached the zone as I write this, so all I’ll be doing is waiting for my script to indicate me an entry and I’ll execute.
The only downside is the fact that there’s no weekly stack, that would be lower, that being said, there is however, a monthly stack so we’ll still be able to take this position. It’s not ideal, I by far prefer weekly zones but this will have to do 🙂
Since I just mentioned the monthly, it makes me think that I should probably mention the fact that we are currently in a clear wedge pattern on the monthly, and we’ve just rejected the higher limit. However, the price can still break to the upside from here so I’m not too worried
Kiwi Dollar is the second pair I have on watch, you’ll have to excuse this screenshot, I use a 13inch laptop so having to zoom out, well, reduces the quality.
This zone was created as a counter zone in March 2019
It is also starting to form a rather obvious wedge pattern that could lead to an impulsive leg lower, which is something I will be extremely keen on if an entry is provided to me.
On the positive side of things, this zone does indeed have a clear weekly imbalance stack so I’ll be waiting for my script to indicate an entry and I’ll execute. I shall not wait to see the upper limit of this wedge to be reached to enter if my script indicates an entry earlier.
I do not trade market structure, I am however aware of it.
And that’s all for my daily watch!
I’ve just gotten start with the autobiography of Malcom X but finding it quite hard to get really absorbed by it, so I’ve also started the second book of the series of the way of the kings.
Tweet wise…. Here’s my favourite of the day
Quit stressing about what other people think about you.
Aim high, even if you don’t reach the exact thing you wanted you will probably have a better result than if you had aimed low
Do not worry what other people think about you, it doesn’t even represent 1% of their thoughts anyway.
On that note, I wish you to have a fantastic Friday and weekend – speak to you Monday!