Morning folks! I’m back!
Okay I didn’t end up taking yesterday off, well I didn’t backtest which is a first in a while… I just like trying to understand the charts and figuring out things to improve my results, it’s that simple.
Anyway, I took a trade yesterday…
NZD/JPY provided a short set-up yesterday. The reason I haven’t been talking about it is that the zone dates back to the 3rd of May 2019. I believe that’s rather far. There’s a weekly stack so I executed the trade no matter what.
The trade was taken once the counter zone was reached and a script entry provided. Looking back I’m starting to think the 4hour price action was rather slanted. Umph. I hate slanted price action leading to an entry.
Also, I probably should keep you guys updated on my GU and GC positions.
GBP/USD short was tagged out for -1R the price action more or less tagged me out by a pip before reversing. I’m fine with it tho. That was a good entry.
For GC that spike higher (was a tweet about Brexit talks that made it move) tagged me out for breakeven on my 1hour scale in position. I had moved my stop for that entry to breakeven due to the fact it reached 2% profit.
I’ve also slightly adjusted my 4hour scale in stop loss, it is now around 0.8R, I trailed it above the high it made once the low was broken
I would say, I am hoping for GBP/CAD drop, however if you find yourself hoping in this industry you’ve probably done something wrong.
That’s all for trade updates!
FX Trade Watchlist
Aussie Yen is going to be on my watchlist for today. The zone we have is a trend line break zone, that trend line had held for a long time so I believe it required quite a lot of strength to break it.
The weekly stack would require us to take two weeklys, something I’ve come to accepted after doing ym ASR on the USD/JPY position from last month. Otherwise there’s a weekly imbalance in April 2019 that would serve us as a stack. All in all. We good to take a short set-up!
Euro Aussie is the second pair I have on my watch, this time for a potential long set-up. We can clearly observe on the daily that we’ve been trading within a range since June, the upper limit being around 1.68 and the lower one 1.61.
We’ve recently seen the price break a descending trendline, we have two clear daily closes above it which enables us to create this area of demand.
There’s a weekly stack, I’ll be executing this long if the price reaches this area of demand and fulfills all my criteria.
I’ve gotten myself the Scribd.com trial. So far it’s rather good, annoying I can’t download the book in pdf and send it to my Kindle but that’d be a bit too much. Well, you can download documents, so if a book is uploaded as a document you could I guess…
Anyway, got started on HBR guide to buying a business by two Harvard Professors, it’s really interesting they do a good job breaking the subject down into smaller parts and addressing everything needed. Well, I’m around one quarter in the book so that’s not my final review.
That being said, I believe it’s a book I’ll keep enjoying, the idea behind it, entrepreneurship through acquisition (basically the PE model but on a smaller scale) is fascinating to me. You could have returns of 20% per year running a business that already has clients and has proved itself to be a enduringly profitable one.
It’s something I’m considering. It’ll be hard, you need to become a good CEO, make sure you can run the business, find investors to pay for your search and raise the capital etc
That’s it from me today. Have a fantastic one folks!