Only one more day before the end of the quarter, let’s keep putting the work in to improve our competence as forex traders! It’s all about building the right foundation of competency and then executing on opportunities while exercising self control.
Just plugging for the last time the fact that I recently wrote a blog post: “If you want to succeed, go all in”
I’d love it if you told me what you thought about the topic!
But now onto the important stuff 🙂
I’ll start off by mentioning that out of the watch from yesterday two pairs reached their respective zones and presented clean entries (GBP/AUD ad CHF/JPY) however, to make my entries as mechanical as possible I use a script to validate (or not) entries, and neither were valid according to my script. Hence I did not take either.
Aussie / USD is still on watch from last week, we’ll see what happens with it, I do want to see it reach the weekly stack before taking a trade.
As you can see on this screenshot, the zone I’m interested in begins at 0.6995 when we adjust it to the weekly stack.
Now I’m going to add a few words as to how I want the price to reach the zone. I’ve come to notice after my extensive back testing and data analysis that the way the price reaches a zone (and how long it stays within) impacts the probability of the trade being a winner.
Hence I now prefer if it gives us an impulsive move lower, less than 24hours of deceleration before an entry. I am no longer a fan of slanted entries, hence I’m looking for the price to strongly move lower before giving us a potential entry, that would be the ideal scenario in my book. (I also like and accept double bottoms/highs)
Will quickly mention CHF/JPY since I did mention it earlier, it provided an entry to my old trading plan – but not to my new one, hence I didn’t take an entry.
If the price heads back inside the zone with quite a lot of strength I’ll consider taking an entry. Here the problem was on two sides, it did not give me a script entry and the price to the zone was slanted, not impulsive
Euro Aussie remains on my watchlist for today, however we are still quite far from the zone, but EUR/AUD can move quite strongly in a day so I’m keeping it close to me.
What we are seeing is that the price currently moved higher in an impulsive way, it is now correcting back towards the 4h 50EMA, so I wouldn’t be too surprised if the price action went back up soon.
GBP/AUD – GBP/JPY – GBP/USD
I’m keeping these last three pairs on my watchlist because I think they are quite interesting, GBP/AUD reached the zone and is now moving lower from its supply zone
GBP/JPY and GBP/USD are two pairs I want to see moving lower to reach their demand zones for a potential long. All in all, time will tell, I highly doubt anything will happen today tho.
I’m nearly done with my review of Meditations – by Marcus Aurelius, I’ll probably finish it today and get started on the Lives of Stoics this evening or tomorrow! Looking forward to it.
Once I’ve read that one too I’ll take a break from reading and write down all the notes I have taken, I am now (with a pencil) underlying / checking / boxing content I really enjoy in the book to make a “summary” at the beginning of each book that I really enjoyed, would it be quality of the text or the content
I think it’s Eric Hoffer that said,
Make sure to write down everything interesting you find
Tweet wise…. Here’s my favourite of the day
I was planning on doing a tweet about FOREX, but this is something I entirely identify with. Keep asking questions, keep being interested in new things, keep experimenting, keep having an active life, and remain happy!