Good morning folks! I hope you’re well!
I executed a long entry on USD/CHF once the price retraced towards my original entry area (that I had originally missed due to sleep)
Glad I got to enter this trade since it does have a rather gorgeous daily and weekly chart.
As mentioned yesterday I’ll only be willing to execute a long position here if I see a clear double bottom formation, I don’t want to wait too long to be able to witness it. So it’s running against the watch. Sadly I do not have a mechanical rule for these.
Sadly Euro Pound did form a nice double bottom, however, we never got a clear entry, so I stayed out. I’m keeping it on my radar for today, but looks like it doesn’t want to reverse.
Pound Kiwi is fast approaching the area of supply I had in mind for a potential short. While we don’t really have a great weekly stack, we do have a monthly one so all is well on that side of things.
Dollar Yen basically has around 12hours to provide us with an entry before being removed from my watch. We’ve clearly broken above the area of supply, however if we add 50% to it (which we can do, especially in areas where it’s likely just a stop losses push) we remain in a valid area to take a short.
Let’s see if we get an entry signal to the downside.
One could argue that there is an area of demand at the low, which I do agree with, especially after having seen such a large correction, I would be quite surprised to see a reversal from that area, however, since it’s valid, it’s on my watchlist
That’s it for today folks!
While crypto is fantastic, it represents less than 1/20th of my revenue yet I spend too much time talking & reading about it.
I will leave you with a fantastic tweet from one of my favorite accounts:
I’ve also just finished reading Tom Costello’s “The Front Office, a guide for retail and day traders” it was fantastic. It addresses raising a fund, the importance of credibility, what investors look for, liquidity cascades, microstructure etc