Monday 7th of December

Goood morning folks! Hope you had a fantastic weekend.

I ended up breaking my fast after 40 hours, I was feeling great, however I wanted to be able to get a workout done. My diet had been healthy this month so I didn’t feel the need to rebalance my digestive system, instead I preferred to focus on my fitness.

Anyway, enough talking,

Trade Update:

My initial 4 hour position, short on GBP/CAD reached its profit target for 3R. So far this pair provided me 3R and 0R, I am still holding a 4hour scale in that I am manually managing.

Let’s jump into the important stuff

Daily Watch

AUD/JPY

I’ll be looking for a potential short on this pair has mentioned previously, this area of supply was created by the break of a trendline, I like it. The weekly stack is also very clear, there’s two different ones that we could use 🙂

Only have to wait and see what happens

EUR/AUD

Will be looking for a long on this one, similar bias as AJ, we broke a descending trendline, I prefer AJ since in this case the imbalance we are using as our demand zone close above the trendline it broke. It remains valid in my eyes

Once again, there’s a clear weekly stack 🙂

GBP/JPY

I’ll be keeping tabs on GBP/JPY since we are quite close to an area of supply. However, if we break this trendline and close below it two days in a row it will have created a new area of supply. Let’s wait and see how the next two days close.

You know what I’m about to say about the weekly 😉

USD/JPY

Dollar Yen remains on my watchlist as per the last two weeks, I’m not the biggest fan of it, however I want to keep my eyes on it to see how it develops, if we break higher there’s some clear movement to be caught.

While it’s not the prettiest set-up it will be valid if it occurs, there’s no weekly stack but there’s a monthly one.

That’s it for my watchlist 🙂

Daily book:

Still juggling with HBR guide to buy a business, Empire of Cotton, Unknown Market Wizards, and I’ve added one more, that I actually finished over the weekend, Training Essentials for Ultra running. It has great tips for people looking to get into endurance sport but also life as a whole.

That’s what I like the most about Ultrarunning, you have to learn to embrace the suck to come out of it stronger and happy, you have to expect something incredibly difficult where the mental game will represent a huge part. I think it’s quite similar to life 🙂

One quote I rather enjoyed was:

In my experience, most Ultramarathon athletes, even the elites, find success through a lack of failure on race day. They achieve their goals, win races not because they ran one section very well, but because they prevented the negative

Definitely could translate that into trading, or life as whole!

Daily tweet

Losses are like pullbacks on a strong bullish stock.

Pullbacks on a chart are nothing more than emotions, parabolics are shorts panicking, pullbacks are a representation of a return to what traders see at the mean.

— THE SHORT BEAR (@TheShortBear) July 8, 2020