Good morning folks!
I have to say, yesterday was rather a nice day after closing three trades for their profit targets, I was also able to secure some profits on my crypto investments and I am running some profit on my crypto trades as well.
Things are coming back to normal, we just had to keep working through the downturn and never give up.
Anyway, with that said, I have another update:
Euro Aussie reached my TP for 3R as well, I didn’t take a one hour scale in (read that as I couldn’t due to margin requirements in my personal accounts) or a 4hour scale in since it would’ve required an extremely large stop.
I am happy I executed this trade according to my plan!
This has been rather recomforting, I was in a rather large drawdown I’ll be the first to admit so going back above the water line is enjoyable, but let’s keep in mind I had no control in making this a winning trade. My focus needs to remain on the process I follow to enter and exit trades. Nothing else!
Enough said about EUR/AUD for now, let’s dive into the small watchlist I ahve for today!
Aussie Yen remains interesting as mentioned yesterday, we are now hovering (we actually just touched) the area of supply and the daily 50EMA, so let’s see if we get a reversal or not.
If a script entry shows itself you’ll be able to find me in that position 🙂 There’s everything I need to see, a clear weekly, a clear daily, a clear 4hour.
Euro Aussie is also on my watch for a potential long play, yep even tho I literally got taken out of my short less than 3hours ago I have already switched my bias! Never get attached to your positions!
Starting from the weekly chart we’ve seen a valid area to stack our bias from, on the daily we have a clear counter zone (which led to a move that broke the high made the 2nd of august)
We also see the daily 50 which has served rather well in past tests as well as a potential phase line we can draw.
All in all, it’s good to be ready to switch bias!
That’s it for today folks!
Have a good one!