Monday 4th of April

Good morning folks, I trust you all enjoyed your weekend!

Let’s dive straight into the business end of things

Trade Update

GBP/AUD -1R

The scale in I executed resulted in a loss. To be frank, I’m starting to wonder if the data I have about having my stop at 0.715 is a great idea, I know a lot of people use the 0.705 as an entry area, so having it so close may not be the greatest idea.

As a second point, while I don’t trade market structure, it could be interesting to collect more information on break of a high/low (a “break of market structure”) confirming a trend change before taking a position.

I believe I had collected some information over a few trades:

Which here indicates it’s not really worth it, since it would just lead to a lot smaller sample of trades and only barely improve my returns.

I potentially should revisit these scales ins and have a look.

Oh and here’s the screenshot of the trade

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FX Watchlist

EUR/JPY

Definitely not the prettiest trend line, heck it’s way more of a phase line than anything else, just straight-up bullish price action. There’s potential for the creation of a zone, so I’m keeping my eyes on it, you never know

EUR/NZD

Already a lot prettier than the EUR/JPY chart I’ve just shared

GBP/CAD

Mentioning this pair probably before its time, but hey why not. We haven’t broken the descending trendline yet, but there’s a zone below us, which makes any type of price action interesting to me.

GBP/NZD

Also like this potential on Pound Kiwi, we’re seeing an extremely clear descending channel, approaching a new zone so keeping my eyes peeled for this one. We may also see a daily candle outside of the zone this week which would enable us to create a counter zone, which is always nice.

NZD/CHF

Not the prettiest chart I’ll be posting here today I’ll admit that

USD/JPY

Rather similar to the EJ chart I posted at the beginning of this watchlist

Take care folks!