Wednesday 24th of February

Good morning folks, I hope you’re well.

Starting to spend the first two hours of my word standing up rather than sitting, will see how that feels at the end of the week, so far all I have to say is damn, I’m surprised I can feel it so much!

Trade Update

To update you with my trades:

CAD/CHF reached its profit target – feels bittersweet, at the time I was in a drawdown hole close to my stop out limit on my 5ers account so I was forced to secure some profit on my 4hour scale in – which turned out to be around 0.3% rather than letting it play out.

Glad I stuck to my trading plan with this original position.

That trade brought me back into profit for the year so there’s only one way forward, and that’s to keep increasing my P&L for the year

To remain on track I also have to mention the fact that I took two positions on AUD/NZD yesterday.

The original position was taken after a clear arrow entry which is part of my rules – the scale in, which was taken out was placed once we had two clear hourly candles away from the 50EMA that were forming a sort of correction above the break of an ascending channel.

Anyway, enough talk about the past, lets look forward to what’s on my watchlist

FX Watchlist

CAD/CHF

Yes, I am now looking to take a potential short on Canadian Swiss for a potential reversal, we played the move higher, let’s see if we see a rejection from this level to head lower.

That being said, we are already quite high in the area of supply so it’ll be interesting to see what happens – a double top formation would make me happy to enter a position, otherwise, I’ll be more careful.

CAD/JPY

Canadian Yen is my second CAD pair on watch for a potential short. On this one we haven’t reached the area of supply (yet) however I believe it’s a rather clear one as well.

Oh and on both CAD/JPY and CAD/CHF we have a clear monthly stack so that’s okay with me

EUR/AUD

Now that Euro Aussie has moved away from the area it was yesterday I can finally say I’m glad I didn’t execute the trade otherwise I’d be using a hammer and breaking my right hand bones for breaking my trading plan 😀

We are seeing the price move towards the area of demand I highlighted yesterday, we just have to remain patient and see what happens.

GBP/CHF

Pound Swiss is also worth mentioning since its the second CHF pair that has reached an area of supply. This zone may not be the prettiest since it’s more a question of structure break rather than a trend line break – even tho you could also mention the fact that it’s a counter zone – hence valid.

This area remains where the push lower really started to gain a lot of traction, and I must say, we are starting to see that the current move higher is a bit over-extended so a pull back wouldn’t surprise a single one of us, would it?

Once again, there’s a clear monthly stack 🙂

NZD/JPY

Kiwi Yen is also within an area of supply, so let’s wait and see what happens.

We previously talked about the cons of this area if I remember correctly so I’m waiting for a clear entry.

USD/CAD

Dollar Canadian is the last one I’ll talk about (there’s also USD/SGD but I can’t trade it so go and look at it) we have now reached the area of demand, I’ll be patiently waiting to see a clear entry before executing a trade long.

If you’re still here… Here’s good news

While I’m here, rather than talk about the book I’m currently reading (Fit Soul) I’ll share one screenshot of the strategy I’m currently developing

I’m quite happy it looks rather promising if I take the SDS away from my list the average return does improve as does the strike rate.

Hopefully I’ll be able to start trading it live soon.

I just want to take the time to go through a bit more data, potentially collect one more year of data to get more of a feeling for it.

Once I start live trading it, I may share a few things from it as I do for my current style.

Best,

-Max

P.S. hope you enjoyed this watch, it’s a rather long one 🙂