Good morning folks! I hope you’re well and slept better than I did!
After missing two winning trades overnight, I decided to go back on a previous decision of not waking up to check if a trade entry was there.
On average they remain around their entry price until I wake up, however, after two missed trades that both banked, I have to admit that… I couldn’t let a third one go without me.
Having an alarm clock at 1:53 and 5:53 felt good 😀 Let’s hope it’s for a win at least!
Trade Update
GBP/NZD Long
I executed GBP/NZD at 6am, turns out, I could’ve had an entire night’s sleep, but I’m happy I executed it at the time. I do not want to start missing trades if the opportunity switches towards the Asian session.
I think this set-up is rather obvious to everyone, so I’ll just leave it as is, I haven’t executed a scale in yet. No opportunities have presented themselves.
Let’s see what happens!
FX Watchlist
AUD/CAD
While this set-up sadly didn’t present a valid script entry for my trading style this morning, it was a pretty little short that it offered to a person with less rules than I!
I doubt I’ll get an entry now, if anything I’d want to see a small double top before executing a potential short, otherwise, I’ll stay on the sidelines
AUD/USD
We are approaching an area of demand here, it’ll be interesting to see if we make it or if we have a reversal just shy of it. Personally I hope it’ll reach the zone since I remain long AUD/NZD so seeing this many Aussie pairs on my watch for a short isn’t very enjoyable!
GBP/AUD
Pound Aussie is slowly but surely approaching an area of demand, let’s see what happens once we get there, but as you can see, it was a rather good one that entirely changed the direction of the trend!
USD/CAD
We remain in this sideways price action that I hate, if that isn’t resolved before we get an entry I’ll stay out.
USD/JPY
Holy cow, this one is begging of a pullback on the daily, let’s see if we get it, there’s a rather gorgeous weekly stack so I’d be happy to execute a short if I get a clear signal for it!
That’s it for my watch folks!
Well I also got AUD/NZD on watch for a potential short, but since I’m long I don’t want to talk about it and manifest it 😀
Scalping Update
Well, the fact that I am talking about my scalping on my blog and want to collect as many data points as possible is likely going to make me over trade sadly
I executed a long on GBP/USD
Here’s the note I wrote myself in the journal while I executed this trade.
Daily reached S/R level but below 0.5 so still potential long, 2hour still bullish, 15min filling a 2h FVG, 5min double bottom, retest of an order block on 5min, retest of second order block on 1min, executed.
That being said, all was well because I had blinders on, with hindsight, something I wrote straight after banking the loss:
No confirmation on 5min or 15min of a BoS, only bias was 2hour FVG zone and 1min when looking really into it
Which is true, what you see on the bottom chart is the 1min, that’s what I was focused upon, And even that wasn’t great.
I need to be careful not to execute a trade because I feel like I need to.
To be honest, I’m unsure if a valid trade presented itself yesterday.
Hindsight trading
With a full hindsight bias here’s the best I could do
We reached (and broke) a key daily level, so expecting some bearish pressure knowing that the 2hour just saw a strong run up. We would be betting on a correction. Expecting a pullback to 0.5Fib on the 2hour, which fits more or less perfectly with the full target.
From there, we had a clear BoS on the 15min and 5minutes (which were basically the same) . We had an imperfection on the 5minute before the BoS so placed my order at the beginning and my stop above.
My TP1 was the recent low for 1.68R –> 0.8%
My mid TP would be around 3R –> 0.75$
My Full TP was the next order block with fit with the 0.5Fib for 4.57R –> 1.1%
Taking this trade set-up in this manner would’ve banked me 2.6%
The annoying part of trading in this manner is that it requires 3 entries with the same stop but 3 different TP and 2 different size…
I haven’t found a workaround on MT5, if someone has, I’m more than keen to hear!
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