Gooooooood Morning folks!!!
Don’t ask me why, but that movie was in my head this morning.
Hope you all had a fantastic weekend!
Trade update:
Took GBP/CAD 4hour scale in this morning before starting to write this blog post.
I’m starting to be quite heavily positioned on this short. The initial position stop is still at 1% risk, the 1hour scale in stop is at break-even. This latest entry is also carrying 1% risk.
Well I say 1% risk, I don’t risk 1% of my capital per trade, so see that as 1R.
By the way, if I were to do a 5ers challenge, for my other trading style, would you guys be interested in seeing the results>?
FX Watch List
Let’s dive straight into my watchlist then I guess
GBP/USD
I’m still considering taking a GBP/USD short 4 hour set-up. Just need to see a clear break below the 50EMA and then a retest.
It’s just waiting for now.
Won’t have a problem taking a fifth position on the GBP if the set-up happens. In my backtest I won’t stop myself from taking a position because of correlation.
AUD/JPY
Aussie Yen remains on my watch list for this week, unsure what’s going to happen. I’ll be interested in a short from the supply area if the price reaches that area.
USD/JPY
Dollar Yen is another one on my watch, there’s a potential long set-up taking shape, well, the price still needs to go a little lower, however I remain quite keen on it.
That’s it for my watch for today!
A few other pairs are within their areas of supply / demand however they’ve spent too much time within their zones for me to be interested in them.
Daily book
I’ll admit, juggling two heavy books at the same time isn’t that easy, I may need to find myself a third lighter book to motivate myself to read more since I’m quite stuck at the moment.
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