Good morning folks! I hope you’re well!
I’m feeling a bit better today so that’s a good start! My girlfriend finally doesn’t have COVID so that helps! Was nice seeing here! (Oh and yes I’m covering my ass in case she reads this blog post)
Anyway, back to the important stuff
EUR/GBP Long 0R
Yesterday I had executed a scale in on the hourly timeframe of EUR/GBP, once it moved sufficiently far enough I was able to move my stop to breakeven, which always feels rather good. It then started to retrace and reach my stop loss for breakeven. There I was pretty pissed off my execution had failed on my investor account, I’ll admit I’m happy I didn’t do a scandal about it!
Hopefully, we’ll witness the price move back in my favor.
NZD/CHF New Trade
As you may recall I am still in a long position on NZD/CHF dating back to the 24th of January (the carry is positive so that’s good) my initial scale ins all failed so that’s why I wasn’t looking to take new trades on it.
However, I came across the chart yesterday and forgot I had a trade on for a couple of seconds and redrew my daily chart
A new area of demand had just been created and we were back in it.
While taking another 4hour entry was possible, I just didn’t do it at the time since I wasn’t looking at it, instead, I was just patiently waiting, I did come to realize that a scale in opportunity presented itself to me on the 4hour. The area was valid both for the 4hour20 and 4h50 which boosted my confidence in this set-up.
Having executed the trade, I placed an alert above the high in order to be able to trail my stop if the high was broken, which it was. My stop is now where the red line is.
Euro Kiwi is approaching an area of demand, I’m keeping my eyes on it since it’s a potential counter play – we’d be breaking a trendline if I get what I want, which should attract quite a few short sellers before we would see the price jump back up.
Let’s see what happens. The weekly stack only begins at the red line,
It appears that GBP/NZD is breaking out of the ascending trendline, let’s keep our eyes on it for a potential retest of the area it will create.
Take care folks.