Let’s dive straight into my watchlist since I don’t have much free time today 🙂
We are seeing a bearish move after a third rejection of a descending trendline, let’s see if we are able to break below the previous low to reach the area of demand and then break out of the descending trend. The weekly stack is gorgeous.
Since we talked about Swiss Yen let’s talk about Euro Yen, we are approaching an area of supply, let’s see what happens. I know people dislike trading this pair but I quite like it to be entirely honest. Oh and the weekly stack is gorgeous.
Let’s talk about Euro Pound the daily is rather clear, the only downside to this trade is that in order to have a valid higher time frame stack we have to use two weekly candles which is something we are allowed to do, so all is well. Let’s be patient as always
I mentioned Pound Canadian yesterday and I have to admit it’s really not the nicest set-up I have ever seen so I may be a little skittish on this one, we’ll see what happens when / if an entry shows itself
Pound Kiwi hasn’t moved since yesterday, or the day before that, or well since the beginning of the week, let’s see what happens, it’s got my interest now I’ll admit!
Now off to getting a PCR test (Oh and I’m flying to Canada Saturday btw)
Sorry I took some time this morning to focus on creating some farms on the crypto side of things to improve my passive yield of my holdings. Might as well put my money to work!
I hope no one was holding leveraged position in the crypto space without any stop loss yesterday, the volume was definitely quite interesting!
Anyway, let’s have a look at my FX Watchlist
Euro Swiss is approaching an area of supply, let’s see what happens, the daily chart is rather pretty as well as the weekly. Solet’s be patient and see what happens once we reach it.
Euro Pound is interesting as well, we area approaching another area of demand, let’s be patient and see what happens as always! I do prefer E/CHF above Euro Pound I’ll admit
Pound Canadian is on my watchlist, that being said there’s a slight issue – the zone isn’t the prettiest, we haven’t really broken the trend line, on top of that it’s also a similar zone to a previous area of supply that we’ve already tapped twice which makes me a bit less excited than I traditionally would be
Pound Kiwi is also interesting but on this pair I’m actually only looking for a potential long, let’s see what the price does since there’s been a lot of sideways action for the last couple of days – will it reach our area of demand or will it reverse before hand? I have no clue
Euro Pound is interesting, we’re basically moving sideways for quite a while now we’re “stuck” between areas of supply and an area of demand. If the price moves higher into the area of supply we’ll also have a clear area of entry (on the weekly there’s a stack but it requires two weekly candles to get a stack)
Pound Kiwi is interesting however we’re already seeing some deceleration so it may reverse before reaching our area of demand. While there isn’t a weekly stack there’s a monthly stack so all is good
We’re interested in other pairs as well, but nothing seems close to be interesting – let’s be patient
Good morning folks! I hope you’ve had an amazing weekend! For those who enjoy watching the Formula 1 – what a race eh! Really enjoyed that track even tho there wasn’t too many overtakes
Anyway, enough talk!
I was late to the entry this Friday morning (I only noticed it while going through my watchlist to check I wasn’t missing anything for my daily post and it was already running in the negative so I was able to enter later but for the same sizing as I would have originally, which reduced my loss.
Even tho it ended up being a loss, I am still happy I executed the trade according to my plan! If anything, I’m sad I didn’t take it at the correct time even tho that would’ve meant a bigger loss!
Euro Aussie is a trade I took this morning after waking up (the trade took place at 3am, but no worries to be had, the price hadn’t moved)
I’m not the biggest fan of using candles that took place Sunday / Monday night for an entry signal however the daily and weekly stack is obvious so not taking this trade would’ve been wrong.
It’s all about a consistency of execution let’s not forget that, in my backtest I don’t look at which day it is so why should I care in my live trading!
You’ll probably notice I also have the daily 200EMA shown, I know I don’t usually trade with EMAs and all but spending more and more time trading crypto made me do it!
I like this trade, so let’s be patient and see how it plays out! We may even get an hourly scale in
Pound Kiwi is getting closer and closer to the area of demand so I’ll mention it early to make sure we don’t forget it!
Since we’re mentioning GN might as well mention Euro Pound
That’s it for today, I doubt they’ll provide us with an entry but at least there’s that!
I have a few more pairs on watch for the rest of the week as well!
Good morning folks! Hope you’re having a fantastic day and have a few exciting plans for this weekend!
I am currently in the process of transferring my personal account from a European based entity to one in the Seychelles to have access to more leverage (the issue with leverage is that it stopped me from taking a few scale ins which would’ve netted a rather large profit over the last few days).
That means I’m not able to take trades in my personal account for a week or so, only in my investors account so that’s fine – I’m not too worried about that and it looks like we could have a busy second half of September so I’m remaining on my toes!
Anyway, enough talk, let’s share the watchlist
Aussie Yen is on my watch for a potential trade – while it’s providing us a rather nice set-up on the daily chart, I’m not the biggest fan of the 4hour price action, the move to the zone has been slanted so I’ll be staying out of this trade if we get an entry.
While I’m slightly angry at myself for missing the long trade, that’s part of life, there’s not much I can do about it sadly – just have to accept it and keep moving.
Euro Aussie is also on my watchlist, we’ve just reached the area of demand so that’s quite fun! Let’s see what happens from there on.
I’m currently not the biggest fan of the price action, it was a bit too slow, however, if we see a clear move lower to reach the TL and then a script entry – I’d be willing to take the trade since it would require a clear push lower.
While going through my pairs to make sure I wasn’t missing anything on my watchlist I saw EUR’NZD had given a valid entry yesterday – I had disregarded it due to the amount of time the price had gone sideways over the last couple of days but this had a clear push lower before giving an entry…
We have a clear weekly stack, a clear daily counter zone, you can argue that the 4hour is quite slanted, but in my view it’s more in the shape of a staircase, impulse correction x3 and we are currently either in a correction or the price will bounce back up (oh and the 1hour formed a double bottom)
I have to say, yesterday was rather a nice day after closing three trades for their profit targets, I was also able to secure some profits on my crypto investments and I am running some profit on my crypto trades as well.
Things are coming back to normal, we just had to keep working through the downturn and never give up.
Anyway, with that said, I have another update:
Euro Aussie reached my TP for 3R as well, I didn’t take a one hour scale in (read that as I couldn’t due to margin requirements in my personal accounts) or a 4hour scale in since it would’ve required an extremely large stop.
I am happy I executed this trade according to my plan!
This has been rather recomforting, I was in a rather large drawdown I’ll be the first to admit so going back above the water line is enjoyable, but let’s keep in mind I had no control in making this a winning trade. My focus needs to remain on the process I follow to enter and exit trades. Nothing else!
Enough said about EUR/AUD for now, let’s dive into the small watchlist I ahve for today!
Aussie Yen remains interesting as mentioned yesterday, we are now hovering (we actually just touched) the area of supply and the daily 50EMA, so let’s see if we get a reversal or not.
If a script entry shows itself you’ll be able to find me in that position 🙂 There’s everything I need to see, a clear weekly, a clear daily, a clear 4hour.
Euro Aussie is also on my watch for a potential long play, yep even tho I literally got taken out of my short less than 3hours ago I have already switched my bias! Never get attached to your positions!
Starting from the weekly chart we’ve seen a valid area to stack our bias from, on the daily we have a clear counter zone (which led to a move that broke the high made the 2nd of august)
We also see the daily 50 which has served rather well in past tests as well as a potential phase line we can draw.
Anyway, let’s have a look at where we stand since we’re at the beginning of the month.
I have been taken out of this position – however, I have realized only now that the R:R tool was set for 2.76R rather than 3R, not too sure how that happened, I’ll admit so it slightly screwed my R, but I won’t be complaining about 0.3R as long as it’s a winning trade 🙂
As I was writing this, dollar Yen reached my TP for 3R – which I am very grateful for as you can probably imagine 🙂
Sadly, my 1hour scale in had been taken out for a loss by 3/4 pips, this would’ve been a huge trade otherwise, but let’s be happy about this 3R anyway
As I was writing about USD/JPY GJ also reached my profit target for 3R, sadly I wasn’t in the 1hour scale in due to leverage requirements, but that’s fine by me, it’s a very pretty trade and I’m glad I executed it when the opportunity showed itself
I should keep writing about my wins apparently, it attracts more of them 😀
I am still short on EUR/AUD
Aussie Yen is approaching an area of supply I’ve been keeping my eyes on – it is also extremely close to the daily 50EMA – the weekly 50EMA is slightly below, but it’ll be interesting to see if we have a move lower, that would signal it had been respected.
Let’s be patient and see what happens here
Since I mentioned Euro Kiwi yesterday it’d be strange if I didn’t mention it today, however I’m not super keen on it due to the amount of time we’ve spent moving sideways.
We are currently breaking out of the area of demand to test the trend line – let’s see what happens but I’m definitely not too excited or expecting of this opportunity
I feel like mentioning Kiwi Yen after talking about EN makes sense so here’s a chart, enjoy 🙂
Good morning folks! Let’s make sure we have an absolute blast of the last day of the month! One more month to go before th end of Q3 so let’s remain focus and focus on executing our plans as we should!
While I’m thinking of it, my AUD/NZD position just got closed.
AUD/NZD -1 R
For those who remember, I’ve been in this position for quite a while now on my personal account, however I had closed this trade for BE on my investment accounts due to the drawdown I had found myself in.
I was able to maintain it open, but I’ll be the first one to admit, I’m surprised we weren’t tagged out sooner, the price had been hovering above our stop for quite a while now
Anyway, it’s part of the game, glad I stuck to my trading plan.
This leaves me long in AUD/CAD, USD/JPY, GBP/JPY and short EUR/AUD
I don’t really have much on watch for today, well I do, I have EUR/NZD
Euro Kiwi has reached an area of demand that has an incredibly clear weekly stack, we are approaching a trend line, all in all it’s a good set-up.
The only slight issue with it is that our set-up is in a clearly bearish weekly / monthly trend. That being said, we trade the direction of the daily so that’s not too much of an issue.
That’s the only pair I’m looking at for today!
Weekend learning: NFT
Oh and I also wanted to learn a few things about the crypto world – while I more or less understand the importance of currencies, DeFi, how staking works and what to look for I decided I wanted to get an understanding about NFT.
NFTs have been on my watch for quite a while but I’ve remained on the sidelines because:
a. I don’t know much of it
b. I think it’s just a game of the bigger fool (and we’re towards the top of this run)
c. Thought it was stupid
But having seen the amount of money being transacted in the space and the small amount of wallets linked to opensea I decided to give it a go, see how it felt, develop an understanding of projects, how to “mint” and NFT etc etc
Turns out I was right, I didn’t know much – it’s actually quite a smooth process, just need to find a project you like and “mint” an NFT or purchase one.
However, it requires insanely high “gas” fees to be able to do so. That’s because it’s based on the ETH blockchain – it costs around 50 to 100$ just to be able to buy an image and the same amount to sell the image (more if it’s your first time)
That made me quickly understand two things:
NFTs are great, but it’s doubtful they’ll remain on ETH for long if the gas fees remain this high, you’d be burning around 100$ each image you want to flip
2. SOL is going to keep gaining traction, the potential for NFTs to be help there where transactions are faster and cheaper is interesting – I’m glad I own a few SOL
While doing this NFT was more expensive than I expected (due to gas fees) I’ll admit it was interesting to do it, taught me a lot about the process, reassured my views on ETH / BTC / SOL
I believe there’s a future where NFTs will become even more common for art than they are today. That being said, I don’t think it’ll look like this dirty bear I got 😀
There’s a future that’s for sure, but I doubt it’ll be about hype, I think the next few waves of NFTs will be real art – I hope so at least
I can barely walk so yep, enjoyed my weekend :’) My right foot is dead – apparently running over 70km over a weekend isn’t something my body enjoys, what a surprise.
Nothing much is happening in terms of my FX Watch today – market seems rather calm, we’re seeing a few pullbacks but nothing too surprising for a Monday morning, especially with the bank holiday in the UK
Let’s update the charts of my running positions:
Nothing is interesting to me today in terms of new position so I’ll just focus on doing some research rather than looking for more entries.
Did my first run of the 4x4x48 challenge, but that felt totally normal and is to be expected, the next ones, well mainly tomorrow will be interesting, I’ll let you know if I succeeded on Monday!
Nothing to report for today in terms of trades
I’ll be looking for a scale in opportunity on AUD/CAD for a long, we may get an entry today? Let’s see and more importantly let’s remain patient!
Pound Canadian is interesting, but let’s keep in mind there’s a lot of room before we reach the area of supply, I just felt like I needed to mention this pair, mainly because otherwise it’d be quite an empty watchlist 🙂