Thursday 19th of August

Good morning folks I hope you’re well

Recently the price action hasn’t been overly friendly with me sadly so I find myself in a drawdown at the moment, especially on my 5ers account where a spike in the spread (21pips) took me out of a winning position for -1.4R when that position ended up being a win — a difference of 4.4R compared to my personal account

This has forced me to adapt my trading and be more defensive in terms of my trading for my investment account

Trade Update

I have taken a small profit (0.2R) on the scale in of AUD/NZD

I’ll admit I was rather glad this position didn’t take me out on the news spike! Glad to know that 5ers has its spread under control 🙂

I needed to secure some profit to cover the potential impact of having a couple more losses before securing a win – the price action isn’t the prettiest so far so it was the trade I decided to cut.

My initial position is still running and at break even

EUR/USD -2R

I am now out of my original position on EUR/USD as well

It’s always hard to see an original position lose after having taken a 4hour scale in but it’s part of the game, and having tested it, it’s definitely worth leaving the position open!

USD/JPY: Still running – Stop a BE / Target at 3R

Dollar Yen is the second and last position I currently have up and running, all is going well so far, let’s see if we can reach our profit target

I’ll admit, I’ll be very happy to see this couple of trades reach their TP it would give a nice boost to my moral 🙂

Anyway, let’s keep executing folks! Time to dive in our

FX Watchlist

AUD/CAD

We have finally broken lower than the previous low so let’s keep our eyes open!

AUD/CHF

We are currently breaking through an area of supply, let’s see if there’s a reversal or if the trend continues lower

AUD/USD

Aussie Dollar is now within an area of supply I have been waiting to see for quite a while now, let’s see how the price reacts

EUR/CHF

Euro Swiss is approaching an area of demand – let’s see how it reacts once that is reached

GBP/USD

Pound Dollar is approaching our area of demand, but it’s worth noting that the DXY has already reached it – we may see the play take place before we are ready

USD/SGD

It is worth to mention Dollar Singapore si we are now in the area of supply which is a good sign, every single dollar pair looks like they are ready to either play or break.

Let’s be patient and ready to engage the market

Copper

While I know Copper isn’t a foreign currency it’s mainly a trade on the USD & increase in production –> so let’s have a look at the pair – we have seen a clear drop in the value of Copper and we are now inside an area of demand that has a weekly and monthly stack.

Let’s be patient and see how it develops itself!

Have a great one folks