Before we move on, just wanted to let you guys know I am now in the EUR/JPY long trade with my investor account as well, not only my personal account since we saw a pullback to the original entry price.
I think I’ll keep this post short so let’s talk about Swiss Yen since it may present an entry, but it won’t be today in all likelihood. While we haven’t really broken this TL there’s an area of potential supply that matches quite well with the daily TL and the daily 50EMA so it’ll be interesting to see what happens.
There’s a rather nice weekly stack as well so I’ll be comfortable executing a short if the opportunity presents itself
Oh and that makes me think, sadly GBP/USD didn’t provide an entry yesterday, within the last minute it retraced and lost too much momentum for me (the size of the wicks were way to big) so I stayed out
1- This time zone sucks for my trading, a trade happened at 1am again…
2- Aeropress does quite nice coffee! Glad I got a machine! Now just need to buy tasty coffee grind, well even the cheap one tastes nice so I can’t imagine with a proper one
That’s it for life updates 🙂
This trade is the reason I hate this time zone, entries at 1am aren’t a thing for me, I believe I’ll need to start putting on alarm clocks moving forward. I was sleeping at the time of entry, which gave me two options this morning when I saw it. Price was around 7 pips higher than the original entry which reduced the R;R to 2.66:1 rather than having 3:1.
Knowing that I decided to execute at the market price for my personal account however, I decided that for my investor account I will wait for the price to reach the original entry level before executing. I placed my order at that level
Let’s see what happens. I personally do not want to get in the habit of executing when the price is has already moved by +0.1R since it does mess with my risk profile and expected returns.
Aussie Yen remains on my watchlist, let’s see if we reach the area of demand or not
We’re now forming a triple top on the 4hour chart, which is nice, I’m guessing there’s some liquidity higher which shall lead the price into our area of supply. Let’s be patient but ready to execute when the time is right
Pound Dollar has already reached the area of interest, so now it’s just a question of patience
Dollar Canadian is also interesting, however I’d prefer if the chart cleaned up a bit and reached higher highs before giving me an entry
I decided to give in, after spending a fair amount of time wandering the streets looking for an open coffee shop at 8:30 and not finding one I decided to get myself an Aeropress, I’ve heard great things about it, so fingers crossed!
I hope it’s as good as they say!
Oh you’re not here to hear about my coffee adventures, that’s true, my bad!
Trade Update: EUR/AUD +3R
Euro Aussie reached my TP a couple of minutes ago for the full +3R, however I’ll admit that on my personal account I closed the original for +2.8R yesterday once it started to retrace having been 1 pip away from my profit target, but I had decided to leave the trade open on my 5ers accounts.
Glad I took this trade. I didn’t miss a 1hour scale in, the 4hour scale in opportunity came in very late and had only a small R:R to the orginal TP so I decided against it and I stand with that choice.
Anyway, enough talk about past trade, you probably want to know what I’m looking at rather than what I did in the past.
Aussie Yen is approaching an area of interest, we’re seeing quite a strong descending trend, however that fits me just fine, the area of demand appears to be interesting and there’s a clear area of interest with a clear weekly stack
Euro Pound is also on my watch, it’s been moving sideways for quite a long time let’s be honest but hey, worth it I guess
Euro Yen is forming a clear double bottom, the area of demand is clear, let’s see what happens. Knowing the SPX is currently showing weakness it’ll be interesting if we see more money flow into the Yen or if we get a reversal and the SPX goes higher. Time will tell, but I find it fascinating to link everything together.
Pound Dollar is also interesting for a potential long we’re seeing quite a lot of impulsive movement but hey, that can be a good sign!
Dollar Canadian is doing more or less the opposite of GBP/USD (which kinda makes sense) however we’re already inside the area of supply so let’s see what we get!
Let’s keep this one short and sweet I guess? It’s Friday so I’ll do a review of the market Sunday or Monday more in depth. Still not 100% used to this time or fully into my routine sadly so there’s still room to improve on that side of things.
Euro Swiss is the only pair that could potentially present an opportunity for today, we’ve reached the area of supply (a counter zone). There is a rather gorgeous weekly stack so let’s see if we get an entry today.
Let us also remind ourselves that over the weekends we will use larger stops than what we have over normal hours to avoid being stopped out
Just got back from a nice little run up a park / hill in the middle of the city (Mont Royal) and I’ll admit, the view is rather nice from the top! I’ve missed this city!
That being said, something I haven’t missed is this time zone for taking trades. Being brilliant I put an alarm clock at 1am to take a trade on CHF/JPY.
Turns out when I woke up I forgot to press buy, it had be sized and the stop location had been clearly stated just didn’t press the buy button…. I’m useless between midnight and 6am ahah
CHF/JPY long x2
Luckily enough when I woke up I was able to notice it rather quickly so I got to take my trade with only 4 pips difference from the original entry, which is bad but still acceptable so I pulled the trigger late. I did however keep the original stop sizing and target.
I also took a long “scale in” on the hourly time frame.
Only con with that trade was once again it was too late. This time zone is going to be an issue if it keeps happening.
GBP/CAD Short – 2R
Not sure if I covered this yesterday but I got taken out due to the spread on my 2 positions for GBP/CAD sadly. Will be increasing the size of my stops over the weekend from now on.
I’ll keep my eyes on Euro Swiss, it may turn into a potential set-up if CHF/JPY doesn’t play out so let’s be patient and have a seat!
Euro Pound is currently moving towards an area of interest let’s see what happens once we reach it
Pound Aussie is moving back towards its recent highs which created an area of supply so let’s see what happens when we reach those levels
Good morning from Canda folks! Sorry about being so late eh (I hope you took the Canadian accent while reading that)
I hope you all had an amazing weekend!
Before we dive into my watch, I have to come clean, I took an L on my GBP/CAD
GBP/CAD 1h Scale in: -1 R
Once I was in the position the price dropped into profit however it never reached the 1h 190 EMA so I didn’t get the opportunity to move my stop to BE as per my plan so I left the position open with full risk to see it reverse and tag me out.
It’s part of the market sadly
Canadian Yen is on my watch for this week, I rather like the current set-up even tho it wasn’t the cleanest break out of the trend line it remains kinda valid? The weekly isn’t the prettiest but also remains kinda valid. I’m not too sure why I like this set-up but I do 🙂
Swiss Yen is another kinda strange set-up you could say is valid but you could also argue against, but the weekly chart is a lot prettier and I’d argue the daily is as well, so I by far prefer this one to Canadian Yen
Euro Swiss is definitely a lot more valid so I’m keeping my eyes on that ond, it will be a similar play to Swiss Yen anyway, so let’s be patient and see
Let’s see what kind of opportunities we get over this week!
I’ll admit, I actually wrote Vendredi rather than Friday, shit I must be thinking in French these days and I’m flying out to Canada tomorrow…
Which also means expect these daily watchlist at a different time! Unsure if I’ll do them in the am or pm.
With that said, I took 2 trades so I have to talk about them
GBP/CAD Short x2
While I did mention that I wasn’t the biggest fan of Pound Canadian in my watchlist I did end up executing it due to the clarity of the move, we had a strong impulsive leg higher followed by a clear reversal on the 4hour which gave me a valid script entry.
Once I took the 4hour position I was then presented with the opportunity to take a 1hour scale in – which is something I did. I nearly didn’t take it due to the fact I’m not the biggest fan of this area of supply – however I decided to execute it since the R:R was clear and this is an area of supply even tho it’s not the cleanest
Anyway enough talk about what I did let’s look at the opportunity
Swiss Yen remains on my watch for a potential long play, just need to see it drop into the area of demand
This is by far the closest opportunity for today and yet it’s still far away so I’ll keep it at this, let’s see how this week closes eh!