Good morning folks, I hope you’re well!
Let’s dive straight into it
FX Trade Update
Looking back at it with pure hindsight, I remain happy I executed this trade.
While it’s not the prettiest set-up I have ever seen due to the counter zone not being the cleanest, it remained valid in my rule book so I have no issue with it.
One thing we have to learn to survive in the trading arena for a long time is to take Ls like a professional.
If we expected to never lose money in the market we wouldn’t be able to make any – even high frequency firms sometimes incur losses.
Nothing is guaranteed.
Remember trading is a zero sum game, in order for you to make money some is losing money, so it’s only normal to lose time to time.
Heck, my trading strategy has a winning rate lower than 50% yet it remains profitable.
Anyway, nothing I’d do differently so I’m happy to have executed this trade.
Aussie Canadian is approaching an area of demand, while it is true that I’d prefer to see the lower zone be reached, it is the second one that has a clear weekly stack, therefore I’d be happy to execute in whichever zone.
Let’s be patient and wait for a set-up that fits our trading plan
Writing this, I’ve come to realize I missed a short opportunity on the 20th
I’ll have to go back through old posts see why I missed it, it would be currently running risk free with my stop at BE, damnit.
Update: I checked for the three days preceding the trade and I did not mention AUD/CAD a single time so I must’ve absolutely missed this area. Will have to review my daily process – I may be going too fast relying on my weekend analysis
Aussie Kiwi is also on my watchlist, this one is for a potential short and not a long tho.
We have a clear weekly stack, a clear break of a trendline, so all in all I believe this is rather straightforward?
Canadian Yen is also on my watchlist for a potential short, you may recall that the long stop size would’ve been too big for me to be “allowed” to execute the trade according to my rule so I remain neutral on this pair for the moment.
The main issue with taking a trade on Cad Yen is the lack of very clear weekly stack, the weekly zone is slightly higher, there’s a potential monthly zone, but I clearly prefer weekly zones.
Let’s see what happens
Let’s see if Euro Yen heads back to the area of supply
Take care folks!