As it was the case on Friday, I still do not have anything on my watchlist.
I could mention NZD/USD, we are getting quite close to an area of interest – actually let’s do it, I’d feel bad taking a trade on it if there was a trade
I like NZD/USD and especially this area since we;ve broken out of a clear wedge pattern, so I’d be looking for the price to reach the area of supply that lead to a break of the pattern.
However there’s an untapped zone (which has a cleaner higher time frame stack) just above the high we previous made.
I wouldn’t be surprised if we saw the price reach the previous high, form a reversal, get retail traders to position themselves short to then push higher to reach the higher zone – where their stop losses would be, to give liquidity to the institutions that are looking to add to their short positions.
That being said, if a set-up presents itself in the first area of supply, I will still take the trade if my script provides me an entry.
You have to apply the mechanical edge.
But that’s all for my watch today!
Over the weekend I went though Naval Almanack, and I have to say, I thoroughly enjoyed it.
You can find it here:
It’s a collection of his tweets with a deep dive into them based on several podcasts he’s made, I thought it was well done.
It’s for free, you can either buy the physical book, or just read it online – or (what I did) download the free pdf and send it to your kindle.
It’s for free, and it may help you out!
I’d recommend reading the tweet, it’s worth looking into.
We all think about compounding our money, but compounding also applies to other things, such as your brain.
(This tweet thread was a recommended reading from Naval)