Monday 18th of July

Good morning folks!

I come to you with a sad update, well, sad, everything is relative, but I only got to my laptop at 0730 and I missed an entry, I have placed an order at the price level I should’ve executed the trade, but we’ll see what happens. I’ll admit I’m not very proud of that one.

Usually, Monday mornings are rather calm, but today it seems like we’re getting some direction and movement.

Trade Update

GBP/NZD

As mentioned, I haven’t executed this trade, I only have an order in the market due to my absence from the charts.

Since I do not want to give you guys the exact position sizing here’s the daily chart:

(Here’s the URL, once again it seems like the quality is low: https://www.tradingview.com/x/6xAQMZKn/ )

We basically have 2 potential ways of drawing it, the first one is a classic trendline break which had 3 rejections before breaking, however, the “trend” only included 12 candles which is a tad little, usually I like 15+ hence why I was a bit hesitant.

The second way of looking at it is as a counterzone, we broke the ascending trendline with two rejections early in June, which created a potential area of demand, this price level is the only potential counterzone.

While I’m not a huge fan of those 2 drawings, the fact remains that both of them add a lot of validity to this area of interest,

Let’s see what happens, price may pull back and trigger us into the positions.

GBP/CAD

Just a reminder I remain in a long position on GBP/CAD (or an update since it appears I executed it Friday)

We reached the area of demand quite a few days ago, but we were able to witness a change in the break of the lower highs – so let’s see what happens

The 50EMA and the pivot aligned more or less perfectly at the time of entry. I was very happy to execute it. The main con remains the sideways price action on the daily, that being said, I did like seeing the impulsive move we had on Thursday.

Let’s see what happens