Good morning folks 🙂 I hope you’re all well!
I’ll probably do this blog post and tomorrow but then take a break, it takes a lot of time doing these and I’d prefer to focus my time and energy on my family when we’re all together for once
As a reminder, I am still short on NZD/JPY, there could be a potential 4hour scale in opportunity after the next 4hour closes, well, that is if it doesn’t touch the EMA, however, the price action has been consolidating sideways for quite a while now.
Oh and when I’m at it, just made me realize, I’ve got a blog post out for you guys with Pat Bailouni, a coach, I wrote up about our session, you can find it here:
https://bullishoncoffee.com/2020/12/20/coaching-session-with-pat-bailouni/
FX Watchlist
AUD/CHF
Aussie Swiss is on my watch for a potential short, I doubt it will happen today since we’ve only seen bearish price action from the open so far.
My area of supply is around 0.678, I shall be looking to short from this level. The current price is also a rather strong supply area, I’m not trading it because it’s not fresh, we’ve already used it twice to send the price lower.
I wouldn’t be too surprised to see the price drop from here and then reverse to tag retail traders out, so remain on your toes
GBP/JPY
Pound Yen is also on my watch, well at least it was, at the open we were a lot closed to the area of supply I was looking at for a potential short. Since then, the price has drasticallu dropped.
Just wanted to point this pair out, I’m keen on both a long and a short so whatever happens I’ll be keeping an eye out for this one
EUR/USD
I noticed the weekly on the DXY and the Euro yesterday, I have to say, it’s rather gorgeous! Well, in my eyes that is of course!
It’s rather good to see how the Euro is seen as being more and more valuable than the USD, I wonder if the euro will ever become the main currency? Would be rather good in my view.
Anyway, not here to talk about macro-economics and what’s driving this or its impact.
I am here looking at a potential supply area at 1.236. I’ll be looking for a potential short from that area if there’s something that suits my trading plan.
I highly recommend you guys check out the weekly chart tho.
Actually, I’ll be nice, here’s the daily (on top) and weekly chart (at the bottom) – see what I mean? Rather pretty if I may say so myself
That’s it for my watch for today
Daily book
Still reading about the rise of Sparta, I think my next book will be a psychology textbook, I find that subject rather interesting so might as well educate myself!
Daily tweet
Bullish on Coffee - a Forex Trader Blog 