It’s good when the market is “behaving” like this so close to areas of interest without giving any entries. It gives us an opportunity to exercise our self control and learn.
There’s no point in being negative, on the contrary, don’t forget that it’s our thoughts that create our memories.
Anyway, looks like we have quite a big watchlist as the last two days so not going to do a lesson about positive thinking and all that, instead going to dive straight in 🙂
I am not in a position on this pair since the railroad did not provide me with a script entry, which are the only set-ups I trade these days.
Therefore, I’m looking to enter on a double top formation, if the price re-enter the zone, makes a double top and gives me a script entry I’ll take it.
One of the things I keep an eye out on is how long a pair has been within the zone, if it’s been in it for over 24hours I then move it out of my watchlist. However, this price action is outside of the supply area, that’s why I still have CJ on watch.
Euro Pound is another pair I’ll be eyeing up. This one however has been within the zone for 20 hours. So if the next 4 hour close – 11am French time – does not provide me with an entry – then I’ll remove it from my watchlist.
Euro Kiwi is another pair of interest for me. W’ve reached the area of demand created in July, Which has a clear weekly stack. We’re also close to another area of demand which served as a counter-zone back in Feburary.
However, that counter-zone doesn’t have a HTF stack, so the 4hour close that provides me with the entry will be forced to close within the weekly stack of July.
Did that make sense?
Not sure, I still haven’t had coffee. Oh and while on the coffee subject, I drink decaf. But it still helps me focus in the AM. Caffeine is a drug don’t forget it 😉
Pound Swiss is yet another pair I am eyeing up, the supply zone that we have is gorgeous, the weekly stack is gorgeous as well.
Sadly we did tap that area after the strong move higher. Which makes me want to see a clear move inside the supply zone before being willing to take a short set-up.
This price action is rather flat otherwise.
Oh and yes, a lot of GBP are on watch.
As discussed yesterday, at least I believe so, if we adjust GN to the weekly we didn’t have an entry on the 9th, that’s why I’m still not in the position.
However the zone isn’t that fresh anymore since we did tap the daily level. That’s why today is the last day GN will be on my watchlist – well, I think – if a long set-up is provided today I’ll execute it tho.
Pound Dollar is reaching an area of supply, we’ll see what happens, ideally it’d reach the best value area (the one above) before breaking down, but I’ll consider an entry within this current zone if it happens.
That being said, I don’t know what will happen, so whatever :)’
Kiwi yen is the second last pair I have on watch! We’ve nearly done it!.
The daily level is adjusted to the weekly stack that’s why this area of supply is tiny.
However, if an entry is provided with my script then I’ll take it to the downside, no matter what momentum we’re seeing to the upside.
Oh and yes, I’ve left a scale in I took on NZDJPY long so you can cry for me.
I got tagged out by 2 pips for 0.5% – if I hadn’t my stop would be at 4.2% and still running…
Last but not least Kiwi – US Dollar!!!
We’re approaching an area of supply, we’ll see what happens. I like it tho.
The weekly stack is gorgeous,.
Don’t think I need to say anything more, so here’s the chart 🙂
AND THAT’S IT. FOR TODAY.
Huge thank to everyone that messaged me recently saying nice words (well, even if you had insulted it me, I’d still thank you) it brings a smile to my face 🙂
I finished Safety Margin by Seth Klarman yesterday, it’s a book I’m going to have to re-read again and again to extract everything I can.
Decided to jump on an easy book while waiting for my next two books to be delivered, “Chop Wood, Carry Water” (that’s an affiliate link to amazon) it’s a nice cute little book about the importance of the daily process and doing the dirt work every single day.
Won’t say it’s life changing, made me think about a lot of different books, but I guess they all offer the same advice so…
However would say it’s a decent primer. Nothing against it. I’m just not jumping up and down about it.
I really like his art 🙂