Tuesday 31st of August

Good morning folks! Let’s make sure we have an absolute blast of the last day of the month! One more month to go before th end of Q3 so let’s remain focus and focus on executing our plans as we should!

While I’m thinking of it, my AUD/NZD position just got closed.

Trade Recap

AUD/NZD -1 R

For those who remember, I’ve been in this position for quite a while now on my personal account, however I had closed this trade for BE on my investment accounts due to the drawdown I had found myself in.

I was able to maintain it open, but I’ll be the first one to admit, I’m surprised we weren’t tagged out sooner, the price had been hovering above our stop for quite a while now

Anyway, it’s part of the game, glad I stuck to my trading plan.

This leaves me long in AUD/CAD, USD/JPY, GBP/JPY and short EUR/AUD

FX Watchlist

I don’t really have much on watch for today, well I do, I have EUR/NZD

EUR/NZD

Euro Kiwi has reached an area of demand that has an incredibly clear weekly stack, we are approaching a trend line, all in all it’s a good set-up.

The only slight issue with it is that our set-up is in a clearly bearish weekly / monthly trend. That being said, we trade the direction of the daily so that’s not too much of an issue.

That’s the only pair I’m looking at for today!

Weekend learning: NFT

Oh and I also wanted to learn a few things about the crypto world – while I more or less understand the importance of currencies, DeFi, how staking works and what to look for I decided I wanted to get an understanding about NFT.

NFTs have been on my watch for quite a while but I’ve remained on the sidelines because:

a. I don’t know much of it

b. I think it’s just a game of the bigger fool (and we’re towards the top of this run)

c. Thought it was stupid

But having seen the amount of money being transacted in the space and the small amount of wallets linked to opensea I decided to give it a go, see how it felt, develop an understanding of projects, how to “mint” and NFT etc etc

Turns out I was right, I didn’t know much – it’s actually quite a smooth process, just need to find a project you like and “mint” an NFT or purchase one.

However, it requires insanely high “gas” fees to be able to do so. That’s because it’s based on the ETH blockchain – it costs around 50 to 100$ just to be able to buy an image and the same amount to sell the image (more if it’s your first time)

That made me quickly understand two things:

1. NFTs are great, but it’s doubtful they’ll remain on ETH for long if the gas fees remain this high, you’d be burning around 100$ each image you want to flip

2. SOL is going to keep gaining traction, the potential for NFTs to be help there where transactions are faster and cheaper is interesting – I’m glad I own a few SOL

While doing this NFT was more expensive than I expected (due to gas fees) I’ll admit it was interesting to do it, taught me a lot about the process, reassured my views on ETH / BTC / SOL

I believe there’s a future where NFTs will become even more common for art than they are today. That being said, I don’t think it’ll look like this dirty bear I got 😀

There’s a future that’s for sure, but I doubt it’ll be about hype, I think the next few waves of NFTs will be real art – I hope so at least