Good morning folks! I hope you’re well!
Big news, well, not really, but I’ve now opened a demo account to start testing my scalping, where I’m using an entirely different toolkit, will be interesting to see where it goes. I’ll focus purely on GBP/USD at first
Here’s an example of the first trade I’ve executed.
Anyway, it’ll be interesting for me to be able to really track with commissions and spreads how it does, it did quite well with hindsight bias so now testing it forward before putting some capital to use on it.
The second benefit of doing this is that I feel like I am active in the markets. It’s currently quite slow for my usual strategy which makes me feel uneasy, there’s a part of my brain that says I should be doing something if I expect to make money (when actually it’s the sitting on your hands that makes you the most) – so not only does it reduce the mental pressure to take trades, it also gives me a bit more “interest” and motivation to look at the charts since I’m trying out something new.
Still just a tad below the area of interest for me (also as I’m looking at this screenshot, is it only me or are the levels / boxes I’ve got on my chart really hard to see?)
While I am long on this position, I’m actually considering that there will be a potential short play to be had here.
Why? We’re retesting the trendline and an area of supply which makes me a nit bearish. That being said, we also have equal highs that I’d like to see be taken before a true reversal
I’m unsure if I would manually close the position of just take a short on top of my long position.
Another Canadian pair on watch, the issue is that we’re seeing the opposite on this chart, here I’d be looking to short the Canadian. We’re approaching an area of interest that has a gorgeous weekly stack.
Let’s be patient and see what happens
Let’s see if we can break the triple bottom we’re currently forming to reach the area of interest!
If you went through yesterdays watchlist, you’ll notice I don’t mention all the pairs I had yesterday, that’s because they’ve spent too much time going sideways and are no longer of interest to me.
Take care folks!