Friday 17th of June

Good morning folks! I hope everyone is well!

Let’s dive straight into it since I have over 1h45 of workouts to get done before it gets too hot! (It’s expected to reach 41C tomorrow, so yes, I call that VERY HOT)

Trade Update

Gold +1.4R

As mentioned in yesterday’s post, an opportunity to take a long position on gold presented itself, so I executed it, nothing complicated, a clear break and retest of 50Ema + pivot level. the type of entries I like very much!

It reached TP later on (in the evening) which was nice, since it avoided any swap fees 🙂

You may be wondering why aren’t we looking to execute another long today the reason being that the 50EMA is too far away from the pivot + I haven’t actually looked into taking several trades on a single move with this strategy. It’d be interesting tho! Something to test!

EUR/USD

I executed a long on Euro Dollar an hour or so ago, it’s a very similar set-up to what we had on gold yesterday:

• Retest of the most recent zone (demand)
• Break of hourly 50EMA (the retest is a tad lower tho I’ll admit)
• Retest of daily pivot
• Break of structure on the hourly
• Retest of recent 1hour high

All in all, I like the set-up! Now let’s not get cocky, even tho I like the set-up doesn’t mean it will reach TP! We know that this strategy has a good strike rate, (but that I mean above 50%) but it remains probabilities.

While I like “running hot” – we need to remain aware of potential challenges!

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FX Watchlist

CHF/JPY

While we have clearly broken the previous high, it remains worth keeping an eye on it in case a clear reversal opportunity presents itself, I believe it would catch a lot of people wrong-footed, so it’s definitely worth having a look and remaining aware of this chart!

I’m also kind enough to give credit to some chartist that like to use trendlines/phaseline and patterns to highlight the fact that if we have a rejection here it would align to perfection with a 3×3 (that’s what I used to call them)

NZD/JPY

Kiwi Yen is also on my watchlist, we did just break a phase line and we saw a retest on the last 4hour candle, I’d definitely want to see a bigger move into the zone to have any interest in taking a short, but as always, it’s worth keeping an eye on!

USD/CHF

Dollar Swiss saw a huge drop in value yesterday, I’d be surprised if we didn’t see a bit more follow on today, that being said, I’d expect it to reach a tad higher before reversing,

I’m looking for a trade on the hourly chart. To avoid giving you the exact entry details, I’m not sharing it, but if you have 2 beans in your brain and know how to read the “Trade Update” section I’m sure you can figure it out.

Don’t blindly follow someone tho, always test!

USOIL

Oil has clearly broken an ascending trendline, so I remain on the lookout for any potential entry opportunity to the downside!

On that note! Time for me to get ready for my workouts!

P.S. I discovered the Stanford Encyclopedia of Philosophy yesterday while looking into Democritus, and I think it’s an amazing resource if you want to have a look:

https://plato.stanford.edu/index.html

Highly recommend reading a few