Good morning folks, I hope everyone is well!
I executed two live trades yesterday on USD/SGD so let’s dive into the trade updates before looking into the watchlist
We reached a daily area of reversal which had a great weekly chart as well, which made me rather happy to execute this set-up on the higher timeframe
On the four-hour chart, we witnessed a clear double top pattern and a clear reversal candle on this time frame
Let’s see what happens from here!
On the hourly chart I saw an opportunity to scale in, so I was happy to place an order
You may also remember that I am currently in a NZD/JPY short position, I figured I’d talk about it since I’ve been holding it for a long time and don’t want to surprise you with a result (you can check the 16th or 17th for the trade announcement)
We’ve been dealing in a range for quite a while now on the hourly, but also the daily chart
On the hourly time frame, I’m quite happy to see a breakout of this range, we saw perfect equal tops so a lot of stops were above that range, I wouldn’t be overly surprised if we saw price reverse and head lower from this level
That being said, we could also witness price head higher and reach the upper range limit on the daily chart. There’s no guarantees
We kinda spiked the area of interest, but it remains in my watchlist
Clear area of interest with a strong compression in the price action
Clear area, however we didn’t really have a great entry signal so I remained outside of the position for now, doesn’t mean I won’t find an entry
That’s it for today folks! Take care!