Good morning folks!
I hope you’re well and had an enjoyable weekend! Got to meet up with an old friend I hadn’t seen since 2015 yesterday so that was great!
Anyway, you’re not here to learn about my life, and if you are, it’s kinda creepy. Just ask.
I executed a gold trade LONG on Friday, as mentioned on the watchlist I was waiting for a clear entry and it has since then reached TP for 1.55R.
I’m happy with the execution, even more so since it gave me the time and a boost to collect more data in a recent backtest.
This trade was basically a picture-perfect example of the type of trades I want to be executing in the future
I’ll start this up with mentioning gold since that’s where I literally just picked off.
We’ve broken the descending trendline – ideally, I’d like to see price action remain above the area of demand and trendline for one extra day without touching either of them, but in any case, it’s looking good for a potential reversal in my books
Now back to real FOREX and not commodities, oops 🙂
Aussie Canadian is getting closer to a counter zone / an area of supply.
I’m keeping my eyes on it to see how price reacts to this zone – it’s quite a nice area since it also kinda fits with the descending trendline, so we have a couple of confluence factors there.
Aussie Swiss seems to really like this trendline, it remains on watch in case we have a strong breakout, but only time will tell so I’m being patient here
Canadian Swiss is also approaching an area of demand combined with a trendline, so it’ll be interesting to see what happens here.
You folks that come here regularly must be starting to get sick of me mentioning GBP/AUD on my watch, but it remains there! I’m patiently waiting to see if price heads lower for one final move before a reversal
That’s more or less it for today folks!
Take care 🙂