Good morning folks! Romain, Harry, and everyone else that read this, I hope you’ll have a fantastic day.
I discovered yesterday that some of you receive this post by email every day, sorry to spam your inbox 🙂
I took a 1 hour scale in on GBP/CAD, it was clearly below my original entry price, below the 50EMA, the original entry was valid.
Only thing left to do is wait and see. If we break the 4 hour 50 EMA I’ll be looking for another scale in.
Anyway, enough talk, let’s dive into my watchlist
Gold is the only trade set-up I’ll be eyeing up for today. Sure the DXY looks great but since the EU area of supply isn’t fresh I won’t be trading it. Instead, There’s gold.
Gold broke down lower over the past two days to finally reach an area of demand that has a weekly stack. I’ve been waiting for a while to be able to get positioned in gold for a long term trade.
New Capital FX recently did a video breaking down why we are interested in gold. That being said, I’ll just cover the current chart layout
The blue line represents the weekly stack. So we are now in a potential area of reversal.
If the market breaks this area of demand then the next area of demand will be around 1615 so that’s quite far away, close to 200 points away.
Scale in opportunity
I’ll be looking for a potential 4 hour scale in on both GBP/CAD and GBP/USD
That’s it for me today, there’s a few re-entries opportunity that took place yesterday, that being said, I dislike taking re-entries so I didn’t take any (in my backtest re-entries have a lower strike rate and a lower average return so…)
Got the book: The Smart Money Method: How to pick stocks like a hedge fund pro by Stephen Clapham yesterday. It’s rather interesting and the kindle version cost 2$ so worth it.
Sounds like he’s quite an interesting guy with some clear experience, we’ll see what I think of it once I’ve done it. It mainly address the stock picking technique, I’m extremely keen to know when to sell – not only how to choose the stocks but when we should sell them.
Will keep you up to date
It’s only when you accept other opinions that you can grow. Otherwise you’ll stay where you are.