Hope you all had a fantastic weekend, enjoyed mine and ended up filling this week with calls so that will be interesting.
I truly believe it’s worth hearing what other people are up to, what they are working on, if they have any strange ideas etc, maybe it’ll will give you an idea that once implemented will boost your results.
But without anymore delay, let’s get into my FX watch
As I mentioned last friday, I’ll be eying this AUD/NZD for a potential long this week, that being said, the weekly did not close as I had wished it would so there’s no weekly stack, instead I’ll have to use a monthly zone to create a stack. By doing so the reversal area I am allowed to trade will be quite small.
The zone remains valid tho, so it will be on my watch – it was a clear break of a phase line with two lower lows and two lower highs.
Canadian Dollar (due to USOIL) will be a currency I will be keeping an eye on for this week.
This phase line clearly made several higher highs and higher lows, so I am very comfortable taking a trade that is within this zone.
On top of that there’s a clear weekly stack so all in all, I am liking this potential reversal area.
It is quite doubtful that we’d get an entry on it today, or even this week knowing how much sideways action we’ve been seeing since the beginning of September, but I never give up hope 🙂
My Canadian dollar short bias is also quite visible on CAD/JPY. On this pair we’re able to drawn two different lines where this imbalance level would be valid – a longer term one and a more short term one.
The weekly stack is also fresh, which is always something I enjoy seeing as an extra confluence factor (I do not require this piece of information tho)
There’s another currency pair where we could do a play on a stronger Yen, that one being Swiss Yen, the two “safe havens”
We reached the zone a while back, however, adjusted to the weekly stack as I have, it hasn’t yet reached it, it was only a handful of pips away this morning tho.
The reason I am waiting for the weekly stack even tho we have a monthly stack is because I’ve noticed how common it is to get an entry signal below the weekly zone, to then reach it (take you out) and then reverse,
My focus is more on having a higher strike rate than a higher amount of trades and return (well, due to a higher SR I can then increase my risk per trade so it ends up being similar.
I finished the biography of Malcom X over the weekend with a glass of rum if I am to be honest.
I now fully understand why it’s seen as one of the most important books of the 20th century, however, I think it would’ve been a lot better if the early stages of his life were covered a lot more quickly.
That being said, it is the foundation that his life then turned upon, it was that hate for the white man that made him see the white men as the devil.
Anything I do today, I regard as urgent. No man is given but so much time to accomplish whatever is his life’s work.
I don’t know which book I’ll be reading next, either a french book or something else, will take the day to decide 🙂
Tweet of the day
Goes back to the importance of staying in contact with people that have your desired behavior is their normal behavior