Good morning folks! I hope you are all well!
I hope you guys are ready to turn the ship around this month after a small DD last month, I’m looking forward with big energy.
A lot of potential set-ups will be taking place I believe, so let’s make sure we get to execute on them – keep in mind it’s better to execute on our trading plan than to hope to avoid losses!
Anyway, enough of a pep talk
I have executed 2 long positions on AUD/JPY for a potential move higher.
I’ve had this area of interest on my watchlist for the past week, so you probably recognize it, I think it’s a very clear set-up – the main con is how obvious it is for me to be long here -which in a way is probably a bad sign I guess
That being said, it fits my trading plan – so in the position, I am (Master Yoda would be proud of my grammar)
Approaching a counter zone * and area of supply, that being said, we’re also breaking out of a descending trendline – which in turn will create a new zone (and a more fresh zone) and therefore disqualify the current counter zone. (I only trade the most recent zone)
Dropping like it’s hot! We’ve broken the trendline and are approaching a double bottom, – so there’s potential for a reversal back up to the area of supply before another leg lower?
We’re breaking the descending trendline, however, no valid area of demand was created – which makes the area of supply very interesting to me (and it fits quite well with a phase line as well)
That’s it for today folks!