Good morning folks, pinch punch first day of the month and all that nonsense 🙂 Hope you enjoyed your weekend!
Trade Update:
I took a long on CADCHF this Friday – the stop loss was rather big but it fits my plan (its under 100 pips) so we’ll see how long it takes to reach my target 🙂
I’ll be looking to take a potential 4hour scale in as well. If we close this 4hour candle as we currently stand I’ll place an order.
Anyway, enough talk, let’s jump into my watchlist!
FX Watchlist
CAD/JPY
Cad Yen recently broke its ascending trendline – with two daily closes below it, which created an area of supply. We saw a strong move back into the zone so let’s wait and see if we get a clear rejection. If we do, I’ll be looking to take a short from this area. In terms of higher timeframe stacks, we have a weekly stack.
EUR/CHF
Euro Swiss is closing in to a potential area of supply, now it’s not the cleanest or the prettiest since it’s not at the top of a trend, however it remains valid.
We had two imbalance candles that formed before breaking an ascending trendline (with 3/4 rejections).
There’s a strong weekly stack, all in all, I’m happy to take a short here.
GBP/JPY
Pound Yen is also on my watch. I’ve mentioned this pair a couple of times due to the interest I have in its zones. While I’m not the biggest fan of the zone it is currently being held in. I believe it is valid,.
There’s also two additional zones that we can use for other shorts, so we’ll have to wait and see which ones ends up being the correct one.
Oh and there’s a monthly stack.
NZD/JPY
Kiwi Dollar Yen is my last pair on watch for today – we had a clear break of a recent ascending trendline / phase line and we recently retested / rejected it so waiting to see if we get a script entry for a potential short play.
Oh and there’s a monthly stack.
Daily Book
I am still reading Robert Greene’s Laws of Human Nature.
Daily Tweet
A nice thread to read
Bullish on Coffee - a Forex Trader Blog 