Good morning folks! I hope you’re well and enjoyed your weekend!
I honestly don’t think there’s much on watch for today so it appears I’ll mainly be backtesting 🙂
Yes, I still backtest nearly every single day, I do sometimes take a day off but that’s rather rare.
In Climbing lot of accidents happen on the way back down, because people have reached the peak and believe it’ll be smooth sailing from there on. Same thing with trading,
A lot of traders reach profitability to then loose it because they stop working to maintain it.
I wouldn’t expect the best football players to stop practicing once they made it to a pro team, on the opposite!
So why should we reduce the amount of practice we get in?
We are approaching an area of supply that dates back to the beginning of 2018, let’s see if it still has some value.
Looking at the more recent price action we can see that the daily has been moving higher for quite a while so it wouldn’t be too surprising if we saw a correction once we reach that level.
Time will tell as per always 🙂
Pound Yen is in a similar situation, we are approaching an old area of supply, it remains valid tho.
An interesting thing I want to point out in this case we’ll basically be following the same trend line we broke recently, we can see that the price still respects the area.
If we reach the zone and this trend line at the same time, that could add some confluence to our trade.
That’s it for today!
2 Replies to “Monday 17th of May”
I’m in the CHFJPY short from supply with a daily reversal bar off the area, see how it works out. For me it respected the supply area cause it rejected it with conviction.
I hope it drops then 🙂