Good morning folks! I hope you all had an enjoyable weekend!
Yesterday was basically spent doing admin work related to taxes and business registration so I definitely hope you spent more time outside than I was able to.
That being said I got the opportunity to listen to a few podcasts I wanted to give a listen to with @DrKashey and I found them rather amazing
One of the best quotes that stuck to my mind was
Having the life you want comes as a side effect of becoming the person it takes to get it
While he’s mainly talking about nutrition and weight loss it applies to so much more.
We tend to set ourselves outcome goals,
- I want to become a full-time trader
- I want to make 2 times my monthly salary trading this month
- I want to get funded by 5ers / FTMO / ForexFunds etc etc
- I want to lose 5 kg
- I want to do 20 pull-ups
- Etc etc
Yet, the easiest way to reach those goals is by becoming the person it takes to get
For a trader that means
- Checking the charts before your trading session or in the am / planning for your day
- Checking the charts towards the close and reviewing the day
- Be patient
- Purely execute trades that fit your trading plan
- etc etc
Anyway, with that off my chest, it’s time for the watchlist
FX Watchlist
AUD/CAD
Aussie Canadian is reaching an area of demand, the current price action is way to slanted for me to be interested in this one, so I’m hoping to see price to change behaviour before I take any entry
CAD/JPY
While I’m not in the trade even tho it did reach my area of supply, I’ll keep an eye on it in case it forms a clear double top.
That being said, in my recent testing I’ve noticed the double tops have a lower return than I previously had
EUR/JPY
Euro Yen is probably one of the cleanest opportunities on the charts at the moment.
I’ll be patiently waiting to see a clear push into the area of supply before executing a short play
NZD/CHF
Kiwi Swiss is also on my watch for a potential long, this area is interesting – it’s a counter zone of a counter zone tho. The weekly stack is clear as well. Let’s see what happens
Silver
While I haven’t traded yet on Silver (I’m about to take a position on my demo account to ensure the sizing), it’s at an interesting value point for a potential reversal
We’ve also seen a huge drop recently, so I wouldn’t be surprised to see a reversal over the next few days!
Those are the main opportunities I have on my watchlist.
I’m also looking for a potential trade on CAD/CHF with new strategy
Let’s see if we trigger it.
I also won’t be sharing orders I have set in the market any longer, I do not want anyone to use this as a signal service, I’m only forward testing these trades.
TLDR:
Bullish on Coffee - a Forex Trader Blog 