Well Trump got COVID, that’s going to make for an interesting month I guess.
Sorry this post isn’t up at 8am or even 9am as they usually are, I wasn’t feeling too good this morning, was barely able to sleep so decided to have a lie in until 8:30 first in a long time whoo hooops 🙂
But I come baring good news, it appears that I have a few pairs on watch for today (as in probably Monday too)
Let’s get into the important stuff, our FOREX watchlist
Kiwi Dollar is now slowly but surely getting closer and closer to our daily zone which I highly appreciate.
I still doubt it will make it up to the zone and give us an entry today, if it does that would definitely be quite impulsive, but we can never be truly sure.
That being said, I really do like this zone, there’s a weekly stack too so I’m happy taking a set-up if one does occur.
The main downside to this position is that there is a zone slightly above it, so we may see the price go a little bit higher in order to reach it.
Who said I like the Kiwi pairs today? Because you’re damn right!
The main problem I have taking such a position from that zone is that we’ve already taken 3 trades from this weekly demand area, which leads me to the following question:
Will institutions still have order within that area?
I’m not sure, all I can say is that GN has been a good pair this year while others less so, therefore, if an entry presents itself I will take it, while obviously protecting myself, always protect yourself folks! Always have a stop loss 😉
On top of the fact that is zone is probably a lot weaker that means two things:
Institutions that buy this level are strong, they’ve been able to reject this area many times, hence there must be a strong reasoning for them to be accumulating pounds. The drawback is that we can see that every single pullback from that area is now a lot smaller, from 2,1 to 2,02, to 1,97.
It’s going to form an explosive wedge, the only thing we are unsure of is who will gain the upper hand and who has the most dry powder?
One thing I recently read was Peter Brandt (he’s going to be mentioned in the new market wizard books) belief that patterns no longer mean anything, however if a pattern gives a fake out that will mean something.
As it’s quite often the case, if one currency seems to be ripe for picking you’ll usually see it across several pairs, here we have EUR/NZD, GBP/NZD and NZD/USD which reinforces my belief that if something happens it will be quite dramatic since a lot of people will notice it.
I’ll admit, this zone isn’t the cleanest, but we leave from a high, make a low, a lower high and a lower low.
There’s a strong stack on the weekly chart as well.
I’ll admit that seeing the 4 hour as an inverse head and shoulder pattern does attract my eyes, even tho I no longer trade these patterns, I know a lot of people do.
I’m still reading Lives of the Stoics
Was able to read about Cato the Younger and a few other inspiring individual, it’s fascinating to understand and discover how many of those Stoic Philosophers struggled to apply it in their own lives.
I guess it’s like everything, it’s easy to talk about but harder to implement – I’ve been taking notes on my kindle, not on a piece of paper will do so later so I won’t be sharing quotes as of now.
Tweet of the day
In the end, it’s all about you.
You need to execute and have skin in the game.