Good morning folks!
I’ll admit, I haven’t finished my coffee yet and I started off by writing Tuesday 25th of November, so if you see any glaring mistakes I must apologize in advance
I executed 2 trades yesterday / last night so let’s dive into them:
NZD/CHF Long OG entry
I executed a long on the 4hour timeframe for NZD/CHF – the zone was a valid counter-zone in my book, we reached the area of demand and then reached the weekly stack (the red line) and then saw a clear reversal. I executed the long
Once I was in the position, I started looking for a potential scale in:
NZD/CHF Long 1hour scale in
There was an opportunity after the daily close so I waited a while and placed my order an hour afterwards to make sure the spread was smaller (the spread was still meaningful when I executed the 4hour position but not too much so I was happy to execute 10minutes after the close)
I placed my entry slightly above the 20BB basis point and my stop at the 20BB lower bound. As one can see, there was the possibility to enter slightly lower with a live position, however let’s be honest, me being up at 2am was highly unlikely so I preferred to set an order overnight
Some of you may remember I did not execute the trade last week since it didn’t follow my rules, I didn’t like the price action leading up to the entry, however it’s now about to form a double top, so if we break the previous high I’ll be looking for a short position
Is approaching the daily area of demand
Has been hovering for a bit too long, I’d expect a move this week to either the upside or downside – I’d like to see a move lower into a move back higher – but sadly this isn’t Amazon, I can’t order something and have it delivered within 24hours
Take care folks!