Good morning folks, all my excuses if this is released after 9am, but wanted to make sure I was ready for my scalping.
Eheheh still managed to post it before 9am
My trading takes priority over this blog afterall, I don’t want to be a blogger, I am a trader.
No trade updates for today. So let’s dive straight into my watch?
FX Watchlist
AUD/CAD
Aussie Cad is a pair I’ll be watching for today. While it’s not the cleanest break of a trendline, to draw it we need to cut through its wick, which I’m not the biggest fan.
It remains quite clear, if the price pushes back up to the area of demand I have drawn, I’ll be looking for a potential short. That is due to the the fact we have a gorgeous weekly stack.
AUD/JPY
Aussie Yen is another pair I have on watch, this pair is probably my favorite for a short today, however, if any other pair that is on my watchlist gives me a trade entry I will execute it.
The price is currently pushing towards the area of demand, once that is reached I shall wait for a script entry to take it to the downside.
EUR/AUD
Euro Aussie is another pair on my watchlist, as you can probably notice, the Aussie is promising to move to the downside, so I’m quite keen on a potential long on EUR/AUD
This area of supply was created by the break of a descending trendline. The weekly stack is also obvious. All in all, if there’s a script entry that fits my rules, I shall take the trade to the upside with no hestation.
Daily Book:
Still reading the Unknown market wizards, rather enjoying it so taking my time instead of speed reading, if I can improve my competence as a trader by 2-3% by reading the book in detail, it’s worth it! If it gives me a new idea it will be worth it (even if it doesn’t improve my returns).
It’s always interesting to read books, reading about several different domains at the same time and mix matching the ideas is rather efficient in my view. Would recommend everyone to pick up several books on different subjects and read them at the same time.
For example the idea of supply and demand as a trader, was extremely well detailed in the book “Empire of Cotton” you could see how the supply being impacted changed the price and created new areas of supply etc etc
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