Good morning folks!
I’m in a really good mood today, I’ve just found a lovely new musicians I’m really jamming to (Gilsons) & really enjoying my new book (Accelerating Excellence by James King)
Anyway, enough talk about my life when I just took a trade, it’s time to jump into it
Trade Update
I just took a long position on GBP/CAD
We have just reached the low of the recent correction, I’m sure a lot of people will be looking to take longs from this area, so it’s not guaranteed.
We have a clear weekly stack (not fresh) that dates back to late June / early July.
This area has already been used as an area of supply quite a few times in the past, however this zone is fresh – it was drawn on the 11th of December to represent a counter zone.
Really enjoy this set-up. Let’s see what happens.
Oh and did I tell you guys I was no longer in my NZD/JPY positions yesterday? I think I did, but in case I didn’t, I’m out of all three positions for -1R (2 at BE and one for a full loss)
No regret on those losses, I know the rejection of a phase line has an impact on my performance but I can’t come up with a clear number from memory so it’s on my list of things to do.
Anyway, to recap
I am long in GBP/CAD and short in EUR/JPY.
Let the pip gods be on my side 🙂
FX Watchlist
I love my job, I love trading I love understanding how currencies moved against each other, fuck me I’m grateful for this.
Anyway…
CAD/CHF
Canadian Swiss is on my watch for a potential short play.
We just reached the area of supply – we probably “pipped” it, however we didn’t get an entry signal on this pair this morning, so let’s wait and be patient, we may get something later on today.
The area of supply must be clear to everyone that’s been following this blog for a while now, it’s a gorgeous trend line break which also created its own weekly area of reversal, all in all, I’m liking this set-up.
If an opportunity is presented to us I’ll be looking to enter.
EUR/NZD
Euro Kiwi reached the area of demand yesterday and saw quite a strong move higher from it, it remains on my watchlist in case it forms a double bottom today and gives us an entry opportunity, let’s be patient, rushing in won’t help us.
It’s a question of patience 🙂
EUR/USD
Euro Dollar is also on my watch for a potential short today.
We recently broke out of an ascending trendline, which in turn has created an area of supply that has a weekly stack, so I’m happy with that 🙂
Let’s see if the price reaches it and if it gives us a script entry for a potential short play.
USD/CAD
Dollar Canadian is probably the last pair I’m watching for today, we have reached the zone from 2017 – which I’m quite surprised I had drawn it, I’m not the biggest fan of those long term zones, but it’s clear that UC is in need of a pull back 🙂
The quaterly chart of UC is also quite interesting – it isn’t giving us a clear entry since there’s no fresh zones, however we’re forming a double bottom, will we see another leg up? Maybe
On the monthly we have another gorgeous setting of two zones that are stacked on reach other in this area, so let’s just put it this way, the demand will be here in this price range
The only problem I have with this chart is the fact that we’ve already had two bullish candles on the 4hour which means I’m not very likely to see a script signal to allow me to enter the trade.
I only follow my trading plan, so I won’t be executing a set-up that doesn’t fit my trading plan, but USD/CAD is rather pretty.
Let’s see what happens.
Oh and, I’d be happy if we see the CAD just drop like a stone and UC gain a lot of value since it would say that my GC position is paying off, so whatever happens I’ll be happy
But let’s leave you with a nice quote
Bullish on Coffee - a Forex Trader Blog 