Friday 22nd of January

Good morning folks! I hope all is well! There’s a rule of thumb that says I need to catch your attention within 5 seconds to get you to read my blog post.

I got lucky.

Yep, I was lucky GBP/CHF came to within 3 pips to my stop loss twice over a 24 hour period, yet I am still in the trade.

Usually traders feel like we are always on the other end of that luck, that we are unlucky because the price action stopped us out before reversing. I just wanted to show that sometimes we get lucky to.

Well, I say lucky, the truth being – it may still tag me out for a loss, or reach my profit target, who knows.

We tend to only remember the bad times in trading while only remembering the good times we spent with friends (and tend to forget all those small fights we had). Let’s try to be neutral and remember everything, or at least realize that there’s positive moments and negative moments in everything we do.

The truth be told, I don’t think I’ll take a single trade today, a 4hour scale in on GBP/CHF being the only potential set-up.

I’ll still share my watchlist but it’s more for next week than today.

FX Watchlist

AUD/NZD

As mentioned yesterday Aussie Kiwi decided to drop before reaching the area of supply I had drawn in. The interesting point here is that if we close today around this level we’ll have created a new area of supply.

We’d then have two areas of supply just above the current price, which would make it extremely attractive.

Let’s wait and see.

NZD/JPY

Kiwi Yen is still moving closer to the area of supply that interests me. Let’s see if we reach it, if we do, I’ll be looking for a potential short set-up.

USD/CAD

Dollar Cad is also slowly moving toward ab area of interest, we saw a clear low test and we’re currently rejecting a triple bottom formation, so let’s see what happens, if the price goes lower and keeps forming lower highs and lower lows, or if there’s a trend change.

If a trend change would be to become apparent, we’d then be able to use yesterdays daily candle as an area of demand.

USD/CHF

Dollar Swiss is still approaching the double bottom, its definitely not getting there in a hurry so far, but let’s see what we get today and early next week.

USD/JPY

Dollar Yen is quite similar to the previous chart I posted we have a clear impulse lower, a correction, another impulse, we are now correcting. Let’s see if the following impulse lower reaches into the daily area of demand. If it does, we’ll have a nice double bottom.

That’s it for my watch.

Daily Book:

Still reading the autobiography of Andrew Carnegie and the Gospel of Wealth, I have to say it’s rather amazing, I’m only 20% through it, but already thinking of getting a physical copy and sending copies to all my close friends.

That’s what good books make me want to do, buy a copy and share them with friends 🙂

It’s rather amazing to know he started working jobs that no longer exist at the bottom of the totem pol but still managed to get to where he did.

Using one of the quotes from the book – unsure who it is from for my daily tweet too!

Daily Tweet:

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