Before doing my daily watchlist and looking at how the FX market evolved over night I have recently started reviewing notes I’ve taken and writing down whatever feels right. Helps set the day in the right direction before reacting to the market. I don’t usually share what I write, it’s not to be read, it’s just for me to let out ideas I’ve had in my sleep.
However here is an excerpt of my morning notes:
Trading isn’t good or bad, it’s an external, however, you can make money in the market while remaining true to your values.
I can make money thanks to the competency I have developed while remaining honest, courageous, fair and while exercising self control. It’s actually a great way to exercise the latter, it helps with my self control outside of the markets too.
It’s not the money I am afterwards, that is an external I do not control, what I am looking for is the competency to make money from the market.
The best and most efficient, way to wealth is by doing things others can’t do and apply leverage (financial/content/etc)
Wealth isn’t good or bad, it’s indifferent, it remains preferable over being poor, but what truly matters is what you do with it, and if you are willing to let go of it when the time comes
Figured it was quite an important part to share. so here it is 🙂
Now, onto the important stuff, the daily watchlist!
Daily Watchlist
AUD/NZD
Aussie Kiwi has been on my watch for quite a while now, however, it is now back in the zone, so I’m willing to consider it.
Yesterday, I mentioned I wanted to see it back in the zone by tomorrow if I wanted to keep it on my watch, and it did just so. So let’s try this: I will only take an entry on AUD/NZD if the price goes lower than the previous time while giving me a script entry.
While there is no weekly stack at this level, there is however a monthly stack, hence I’m comfortable taking this position if it plays out the way I want.
We’ll see what happens, we don’t control that part, only our reaction to the price movement is under our control.
https://www.tradingview.com/x/uAhnY37x/
CHF/JPY
Swiss Yen is still on my watchlist, it hasn’t yet reached the zone I am looking for, however I’ll keep it on my daily watchlist since it’s been know to move quite drastically time to time, so I wouldn’t be over surprised if we saw a strong bearish move, followed by a move to to the upside.
It did the opposite on the 27th of August, so let’s see what happens this time
Oh and there’s two different reasoning for this zone, so I feel quite comfortable with it, especially since I like the weekly stack.
I will be taking a long if the price reaches this zone and gives me an entry signal
https://www.tradingview.com/x/aUIGCiMu/
GBP/JPY
Pound Yen is another pair I’ll be keeping an eye on. That being said, it is a lot less clean than CHF/JPY, however, it appears it remains valid. All I have to focus on is this question: Does it fit my trading plan, if it does I just have to exercise my self control and execute on it.
I believe there are two different ways of making this zone valid, the first one is by drawing a trendline that dates back to December 2019, Feb 2020, Jun 2020. This zone is the best value that is valid and still fresh
The second way is to draw in the descending phase line of June, which regroups 15 candles, and use that as a trendline break.
Neither are amazing, but since they both stack it will be on my watchlist.
On top of that, the weekly stack is clear and obvious so I’m happy to execute on that side of things
https://www.tradingview.com/x/rFWjco4t/
That’s it for today!
Book wise…
I’ve finished Epictetus Discourses, I have to say the last chapter was amazing, it was basically just a recap of many of the dialogues he had straight to the point, which made it a lot easier to get to the idea behind the book.
All in all, I enjoyed it, but if I had to choose one book it would remain Meditations.
My favorite part was probably at the end when we basically got to read the Handbook of Epictetus – “The Enchiridion”
Here’s a small quote I enjoy
“Some things are within our power, while others are not. Within our power are opinion, motivation, desire, aversion, and, in a word, whatever is of our own doing; not within our power are our body, our property, reputation, office, and, in a word, whatever is not of our own doing.”
Epictetus
Tweet wise…. Here’s my favourite of the day
I’m really starting to enjoy Twitter these days, way better than Instagram
That’s all for today, speak tomorrow!
Bullish on Coffee - a Forex Trader Blog 