Didn’t take a single FX trade yesterday AUD/JPY broke the zone quite strongly, I’ll keep an eye on it today but it’s not something I love anymore. NZD/USD on the other hand dropped before reaching the supply area I had so no trade there either. That being said, if the price keeps breaking lower we’ll have a new supply area due to a break of the trendline
That being said, let’s dive into why you’re here, the daily watchlist
Has mentioned above, I’m interested in Aussie Yen, however, not really, I don’t mind if the zone is broken, that being said there’s a limit as to how far it can go before I give up on a bias, If it doesn’t go any lower than it currently is and then forms a clear & strong entry signal I’ll take a position. However, if yet another 4h candle closes lower I’ll move it off my watch
Aussie Kiwi is another one that’s borderline, the price has already tapped the zone, but as I mentioned yesterday, I’m okay if the zone has been tapped -bounced back out – and then re-enters shortly afterwards
If the price heads back into the zone today I’ll be willing to take a long, however, it will need to form a low in order to reach more orders.
That being said, if the price doesn’t reach the zone today I’ll take it off my watch for this week and see what happens.
It’s important not to remain attached to a bias, I trade the price action, not my bias.
Last but not least the two safe heaven currency pairs, swiss yen, I like this set-up since there’s a gorgeous weekly stack as well as a clear counter zone
There’s two ways of drawing a counter zone at this level so all in all I feel comfortable with this one.
The price still needs to reach my demand area in order for me to consider it, so it’s not done yet.
Ideally we’d see a move into the demand area, a bullish leg to retest the most recent supply area which then leads to a long term bearish move. It would surprise a fair amount of people that trade market structure and resistances.
And that’s it for today, so I basically don’t have anything on watch, I’m not loving the two aussie pairs I mentioned, and CHF/JPY is still quite far away from the zone I’ll be looking to buy from…
These discourses are of a lecture type, which they are, it’s a student writing down everything Seneca said, so it’s less enjoyable than notes to own self or a book breaking down quotes and explaining them.
Here’s a small quote I enjoy
“In life our first job is this, to divide and distinguish things into two categories: externals I cannot control, but the choices I make with regard to them I do control.”Epictetus
Tweet wise…. Here’s my favourite of the day
Ugh, yes it’s one of my tweets, but still! I really like this injection of logic. Whenever I want to change my trading plan because of 1 losing trade I’ll read it aloud until I accept that the result of one trade isn’t representative of my entire trading plan