Friday 29th of July

Good morning folks, I hope you are well!

It appears we shall be closing the month in the red, I haven’t seen a great opportunity to take a trade to “climb” back out of the red.

It happens – we know it’s possible, and that’s fine.

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Trading Update

I recently shared I was testing for a second time my data set on my hourly 50EMA + Pivot entries

I’ve come to the realization that I am way better off only executing trades that are in new zones and within the 0.318 and 0.715 Fib retracement while targeting a 2:1 TP rather than using S1/R1 as my profit targets

This makes me wonder, is there a better way for me to set my profit targets? Could I implement a trailing strategy to bank more / reduce the size of my losers?

A lot more data analysis and data collection will be needed now. Let’s see what I can get out of this once more.

Here’s how I’ve broken my data down

And here’s the first few lines as examples

I hope this gives you an idea of my backtesting process

If you are hard-working you can easily create a trading plan copying it, and based on my numbers you should have some interest in trying to duplicate it.

Won’t spoon-feed ya tho.

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FX Watchlist

AUD/CAD

AUD/JPY

Those are the only two pairs we may see a trade executed on today.

Take care folks!

P.S. Currently reading the World Order by Henry Kissinger, it’s fascinating, I can’t recommend it more highly if you are interested in geopolitics