Morning folks, hope you’re well!
Also, I’ve just realised I probably shouldn’t be writing good morning since I have no clue when you check this article – but I’ve got my cup of coffee so life is good.
We got to update you on the trades I took! Well, first the trades that got closed.
May this position rest in peace, it finally reached my stop loss, which is fine, I know close to half my trades are going to be doing exactly that so it’s something I’ve come to terms quite a while ago.
Looking back, I am still happy I executed this position, it was a clear SF set-up in my book, slightly above the area of demand however it remains within the 50% additional area, there was a gorgeous monthly stack so all in all I’ll take this set-up every time it happens! Except if my data on these changes.
Pound Dollar was a quick win, nothing to complain about it, it reached my TP shortly after writing my watchlist here yesterday morning, so I’m happy with it.
I did not take a scale in opportunity since the 1h50EMA was too low as well as the 4h 50EMA.
Once again, there was a gorgeous monthly stack, an extremely clear double top pattern on the daily with a nice U shape (well a lot more flat than a u shape but you know what I mean! Maybe a the shape or a paella pan!
New Position: GBP/AUD
I executed a short position on GBP/AUD once it reached the area of supply I was interested in, it had clearly broken an ascending trendline after the volume was absorbed so I’m happy to be taking a position here.
The first weekly area isn’t really valid since the imbalance isn’t stacked but if we look further back we have a valid stack in November, this 4hour entry is another SF position for me, so let’s wait and see what happens.
Let me be frank with you, I have absolutely nothing else on watch for today, I’ll be only interested in a potential scale in opportunity on GBP/AUD. None of the other pairs seem ready to give us a position.
As you can see we are currently resting on the 1hour 50EMA which has been respected or at least taken into account multiple times in the past, so I’ll be happy to see it clearly break it and drop 🙂
Have a wonderful day & weekend folks & Speak to you on Monday!