Thursday 5th of November

Looks like the markets are happy with the outcomes of the election, and apparently there’s no more COVID cases now that the news have something else to sell.

Sadly, the US election took place after the french lockdowns – would’ve been nice to be able to spend more time traveling and visiting France… Oh well..

Looking back at yesterday, there was a potential entry on USD/SGD – however, I’ll admit that I’m not the biggest fan of the trend line break it had created. Therefore I didn’t take it.

This morning, while doing my watch in preparation of this post I saw it again, the price is a lot closer to where my stop would’ve been. Taking the trade with the same target and the same stop would result in a 8.5:1 instead of a 3:1.

That being said, it’s mainly my level 4 of greed talking – I want to take a trade that not many others did, to prove I’m better than they are at identifying a reversal.

The only problem, is I don’t trade to prove I’m better than others, I only trade to make returns for myself, build the competencies required for my long term success and to do that, I stick to my trading plan.

I believe it’s important to identify why you have some temptations such as that one.

Having talked about this USD/SGD trade (that I did not take) I nearly forgot to mention the fact that I took a NZD/JPY 4h scale in set-up.

I had not taken the original entry since I had missed it, however, this 4 hour set-up was clean and fit my rules. I’ll do a breakdown once I close the position.

Shout-out to Romain – without you I’d have missed it 😉

Anyway, enough talking, let’s dive into my daily watchlist

Daily Watchlist


AUD/CHF

Aussie Swiss is a currency pair I’ll be keeping my eyes on, we’ve just broken the descending trend line that held the price in a descending trend for two months (September and October) so if the area of demand is reached I’ll look for a potential long entry.

As I say that, I notice there’s no weekly stack (yet), to have one we’d need this weekly candle to close around this level (or higher).

Therefore I’ll keep it close to me for next week but I won’t be looking to trade it today or tomorrow

https://www.tradingview.com/x/EJSzEOR2/

AUDCHF long setup

CAD/CHF

Canadian Dollar to the Swiss France is making a come back to this watch list, let’s see how long it remains a currency pair I’m interested in before it reaches one area of interest.

I’ve spent so much time with CADCHF on watch I believe everyone knows why I have it on watch.

https://www.tradingview.com/x/Yy6Vzrt5/

CADCHF setup once again

EUR/USD

Euro dollar is a pair that I haven’t taken many trades off in 2020, however, it was a good pair to have an eye on in previous years so I’ll be keeping my eye out for this one.

I’ll start with the weekly stack, it’s not that great, to reach it we’d need the price to enter the top of the supply area, however that is possible and hence why EU is on my watchlist. I have adjusted the zone to fit the weekly stack so you can see what I mean.

https://www.tradingview.com/x/jFfSYFIx/

EUR/USD short potential

GBP/NZD

Pound Kiwi is yet another pair I’ll be eyeing up for the rest of the week / next week.

I’ve adjusted the demand area to stack with the weekly level so it brings it a little bit lower.

https://www.tradingview.com/x/5L4YfGrn/

GBPNZD long setup

NZD/USD

Kiwi Dollar is yet another pair I’m eyeing up. There is a downside, the volatility during election day did spike into the zone, however, it was a spike into it and the price dropped from there. I’m assuming there must still be a lot of orders in that area to have such an impact

Therefore I’ll look for shorts from this area of supply however, I’ll be quite careful since the zone is no longer “fresh”.

The weekly stack isn’t gorgeous either, so it’s one of the pairs where the bearish bias is extremely strong however the set-up by itself is less clean.

https://www.tradingview.com/x/V3AEvnIV/

NZDUSD short setup

USD/CHF

Dollar / Swiss France is my last pair on watch. It has reached an area of interest, a trend line break demand zone.

Similarly to NU the zone was spiked into during the election, and there’s a lot of hesitation as of now.

The weekly stack also saw a close 6 pips below its low, so I’ll be willing to use it, if the 4hour set-up is extremely clear.

https://www.tradingview.com/x/1BshmhIA/

USDCHF long setup

A lot of things on watch for today eh! Feels good.

Daily Book

I’m still going through Margin of Safety by Seth Klarman, so far so good, I look forward to reading it and re-reading it afterwards.

I’m also currently going through my notes from “The Art of Learning” by Josh Waitzkin, to keep it fresh in my mind.

I truly believe writing your notes down once the book is finished and rereading your favorite parts is a great way to increase what you get out from a book.

Daily Tweet

One Reply to “Thursday 5th of November”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s