Took a trade yesterday as per my watchlist, I ended up taking a position on AUD/NZD long. I mentioned it in yesterdays post saying this:
“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.”
So I executed, I wasn’t the biggest fan, since it was just a wick that made a lower low, however it filled my plan so not much hesitation left to be had.
So here it is: https://www.tradingview.com/x/hLeE4jpJ/
I also took a 1hour scale in on this position: https://www.tradingview.com/x/PtFRNF0U/
Which is now close to my stop loss
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It’s currently running in the red, but I’m not too worried about it, whatever happens happens, all I control is my decision of taking a trade or exiting a trade.
Now onto the interesting stuff and why you’re here 🙂
Daily Watchlist
AUD/USD
Aussie USD is a pair I have on my watch, having seen how the aussie has recently lost value, we are now closing on to the first demand zone we have
I am liking what I am seeing so far, this zone is valid, there is a weekly stack, I believe that this imbalance level is what broke two different zones hence why I’ll feel comfortable placing an order after such an impulsive leg down.
That being said, the following demand zone fits in perfectly with the 0.318 FIB so I wouldn’t be too surprised if the price went right through, only time knows.
If the price enters the zone I’m interested in I’ll place a trade only if there’s an entry signal. I have to say, I do like this lack of discretion, being mechanical is rather good.
https://www.tradingview.com/x/33fGBp5j/
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I also still have CHF/JPY and GBP/JPY on my watch for today, however the price barely moved since yesterday, there I was saying those two pairs could move a lot.
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/JiJDGcid/
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/NKQtZaBu/
EUR/AUD as well as GBP/AUD are also both on my watch, but I’ll talk about them tomorrow since they’re still a fair amount away from the zones – which I don’t really like because I’d love the Aussie to gain a lot of strength instead of weakening until they reach those levels. But whatever happens happens.
Book wise…
I’m going through my physical version of meditations at the moment to be able to take notes and refresh my memory.
At the same time I’m reading a fun book (One from the Jack Reacher series), waiting on the 29th for the Lives of the Stoics to be released 🙂 The three chapters I got to read from pre-ordering it were good so I’m looking forward to it!
Tweet wise…. Here’s my favourite of the day
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