Wednesday 12th of May

Good morning folks! I hope you’re well!

Let’s dive straight into the trade update, I’ve closed a position and opened a new one.

Trade Update

GBP/CAD – 3R

The long position on GBP/CAD I had opened on Friday has reached its TP for 3R

I’m happy with it, there’s no “Oh I wish I had taken a bigger target” or “Oh I wish I had taken the 1h scale in opportunity”.

I executed according to my plan and it reached the objective so that’s what I’m all about.

There was a potential 1hour scale in, however, it took place at 10pm on Friday night French time – one hour before the weekly close so I decided not to execute it.

The price then never reached the 50EMA again so I did not have the opportunity to enter.

That’s fine, I place more importance on capital protection than on capital gains.

GBP/USD – Short position

Pound Dollar also gave us an entry opportunity last night at the close.

It’s not the prettiest four hour – however the daily and the monthly is rather gorgeous.

In terms of 4hour we saw a double top formation after having formed a clear U shape on the daily so let’s be patient and see what happens 🙂

Now let’s jump into the

FX Watchlist

CAD/CHF

Yep I’m mentioning CADCHF just because it’s forming a double top on the 4hour, I’m not sure I’d say the zone is fresh anymore, it took too long to form the double top formation so not a big fan I’ll admit.

Just mentioning it so you have it on your radar

GBP/AUD

Pound Aussie is approaching an area of supply, but let’s be honest since I’m in GBP/USD I’d prefer if pound would drop like a stone instead of reaching it. However I’m not in control of the market so time will tell.

I’ll be ready to execute a short if we have the opportunity!

That’s it for today!

Oh and if you could send vibes for EUR/JPY to drop I’d be grateful 🙂 Been a while I’ve been in this position ahah