Monday 4th of January 2021

Good morning folks! Happy new year, best wishes etc.

Now that the pleasantries have been done, let’s dive straight into our watchlist?

FX Watchlist

AUD/USD

On Aussie Dollar we are approaching an area of potential supply that was created as a counter-zone back in April 2018. While it may be a rather old zone, nearly three years old, it remains valid since we didn’t test it yet, it remains fresh.

That being said, there’s no weekly stack, we are forced to on on the monthly chart to find a stack. On the positive side of things, the quarterly chart does looks like there is potential to the downside, even tho we are currently seeing a rather strong trend.

While I am not mentioning AUD/JPY, it is on my watchlist for this week, I doubt it will give us an opportunity to position ourselves today.

CAD/JPY

Cad Yen is once again back on my watchlist for a potential short. As previously mentioned we can notice that the price remains trapped below 82 and is forming a rather clear wedge pattern.

GBP/CHF

Pound Swiss is the third pair I have on watch for today we are approaching an area of supply with a rather gorgeous weekly stack, that being said, it will probably only give us a script entry tomorrow, we are still over 60 pips away.

There are other pairs on watch that still need to develop themselves before being included in this watchlist, however this week looks rather promising.

Daily Book

Finished reading Dune a while back, was quite good, different from the type of books I usually read, I’m currently using Scribd to real “Think like a Billionaire” quite a ballsy title I’ll give it to you. What’s interesting is that it’s mainly a collection of interviews with successful people.

I tend to listen to podcast with them but I rarely read transcripts of their conversations, I think it’s a great way to use another part of your brain to memorize the journey they all took to get to their point.

One interesting point that’s coming out for me that I never really picked up on is the importance of being likeable and funny, you need to have a sense of humour to get your foot in the door and connect with the people. Sara Blakely for instance did a lot of stand up comedy in order to improve that skill. It could be worth looking into.

Daily tweet

Monday 28th of December

Good morning folks! Hope you all had a fantastic Christmas or whatever it is you celebrate πŸ™‚

But lets jump straight into it?

FX Watchlist

AUD/CHF

Aussie Swiss remains on our watch for a potential short today. While the set-up hasn’t really changed, I just want to point out that I am interested in two area for potential shorts, once being just above the other one.

Will have to wait and see if we get a script entry that fits my criteria once the zones are reached

EUR/AUD

Euro Aussie is also worth mentionning even tho we do not yet see the area of demand on the 4hour chart, there is still some room before we reach it, on the daily it appears that we are rather close to it.

I’ll be looking for a potential long on EUR/AUD for this week, but will wait until I get an entry that fits my trading plan before taking a position on this pair

GBP/CHF

Pound Swiss is the second swiss pair I’ll be eyeing up for a potential short today, take that as you may. The area I’ll be looking to use as an area of supply will be the same as the previous two.

The fact that this level has already served as a area of supply twice, in the recent past, doesn’t put me off the trade, I’m not saying to myself that I won’t be taking it because there’s probably a lot less orders there.

The truth is, the price is currently ranging between 1.22 and 1.16 for nearly the entire year we didn’t see much direction, except this sideways action. I’ll be willing to take a short if an entry that fits my trading plan is there. There’s also a weekly stack.

Daily Book

Over the last few days I’ve read a couple of books, but I’m currently reading Dune, a science fiction book, I heard Tim Ferris mention it on his podcast and figured I could give it a try.

So far so good, there’s some nice quotes in it already, I’m going to take my time with it tho.

That being said, I would definitely recommend you checking out the podcast Tim Ferris did in December there’s 3 of the best ones he’s done I’d say!

They are all three worth listening to in my opinion πŸ™‚

Daily Tweet

Monday 21st of December

Good morning folks πŸ™‚ I hope you’re all well!

I’ll probably do this blog post and tomorrow but then take a break, it takes a lot of time doing these and I’d prefer to focus my time and energy on my family when we’re all together for once

As a reminder, I am still short on NZD/JPY, there could be a potential 4hour scale in opportunity after the next 4hour closes, well, that is if it doesn’t touch the EMA, however, the price action has been consolidating sideways for quite a while now.

Oh and when I’m at it, just made me realize, I’ve got a blog post out for you guys with Pat Bailouni, a coach, I wrote up about our session, you can find it here:

https://bullishoncoffee.com/2020/12/20/coaching-session-with-pat-bailouni/

FX Watchlist

AUD/CHF

Aussie Swiss is on my watch for a potential short, I doubt it will happen today since we’ve only seen bearish price action from the open so far.

My area of supply is around 0.678, I shall be looking to short from this level. The current price is also a rather strong supply area, I’m not trading it because it’s not fresh, we’ve already used it twice to send the price lower.

I wouldn’t be too surprised to see the price drop from here and then reverse to tag retail traders out, so remain on your toes

GBP/JPY

Pound Yen is also on my watch, well at least it was, at the open we were a lot closed to the area of supply I was looking at for a potential short. Since then, the price has drasticallu dropped.

Just wanted to point this pair out, I’m keen on both a long and a short so whatever happens I’ll be keeping an eye out for this one

EUR/USD

I noticed the weekly on the DXY and the Euro yesterday, I have to say, it’s rather gorgeous! Well, in my eyes that is of course!

It’s rather good to see how the Euro is seen as being more and more valuable than the USD, I wonder if the euro will ever become the main currency? Would be rather good in my view.

Anyway, not here to talk about macro-economics and what’s driving this or its impact.

I am here looking at a potential supply area at 1.236. I’ll be looking for a potential short from that area if there’s something that suits my trading plan.

I highly recommend you guys check out the weekly chart tho.

Actually, I’ll be nice, here’s the daily (on top) and weekly chart (at the bottom) – see what I mean? Rather pretty if I may say so myself

That’s it for my watch for today

Daily book

Still reading about the rise of Sparta, I think my next book will be a psychology textbook, I find that subject rather interesting so might as well educate myself!

Daily tweet

Friday 18th of December

Good morning folks! Hope you slept well and got a good head start to your day.

It’s time to start planning what we’re going to be working on next year. Send me through your plans I’d love to see them. I’ll start planning my year today, well, start mediating on that thought to really be clear and let my subconscious decide what it needs.

Anyway, I’m still short on my NZD/JPY initial position, this one isn’t going anywhere in a hurry apparently.

That being said, let’s dive into my watch?

FX Watchlist

GBP/CAD

While I did take several trades short on GBP/CAD earlier this month / late in November, I am also looking for a potential short now.

We ended up breaking the ascending trendline it had created for itself on the previous short, the weekly is stacked, hence I’m interested in a potential short.

The price action has been in this zone for a while now, however since the zone is rather big, I am okay with that, as long as the price heads higher than it currently has before giving me a script entry

GBP/JPY

Pound Yen is my second pair on watch for today, while it is currently forming a triple top, I am not interested in taking a short right now, instead I’d want it to break slightly higher, around to 141 before giving me a script entry.

If the price starts dropping form here, a lot of retail traders will be taking a short, so I wouldn’t be surprised to see the price move higher to 141 to give the institutions the liquidity they need to enter the market.

The weekly stack is rather gorgeous πŸ™‚

That’s it for my watch πŸ™‚

Daily Book

I have started the book Sparata: The Rise of a Warrior Nation, not the biggest fan, it focuses a bit too much on historical dates and tries to really balance what happened, which is interesting in itself, however I’m more looking into what and how they became Sparta if that makes any sense.

That being said, it’s slowly getting there, so I’ll just have to be a patient a few more hours πŸ™‚

Daily Tweet

Wednesday 16th of December

Good morning folks! Going to get this one done earlier than usual.

To update you on yesterday watch, I did take AUD/USD scale in – for a loss. So I am currently holding both original entries on AUD/USD and NZD/JPY.

There nothing on my watchlist for today, but I’ll share what I’m looking at for a potential trade towards the end of the week just in case?

FX Watchlist

AUD/NZD

Aussie Kiwi is a pair I’ll be eyeing up for a potential long from the area of demand around 1.055. If that area of demand fails, there’s another one a little lower

EUR/AUD

Euro Aussie is another pair I’m keeping an eye out for – we are slowly approaching a potential area of demand just below 1.6

That area of demand lead to the first push up – that ended up breaking a clear wedge formation and pushed the price nearly 20% higher – which is rather drastic in FX.

GBP/NZD

Pound Kiwi is also on my watchlist, for both a potential short and a potential long, it will depend on which zone is reached first πŸ™‚ Simple as that

The short set-up has a gorgeous weekly stack, the long has a nice and clear monthly stack.

CAD/JPY

Yes, this isn’t in the alphabetical order – have to keep some element of surprise! Cad Yen is the last pair I’m being really careful for this week. There’s a potential area of demand where price could explode higher, it fits with an ascending phase line too.

However, it is also possible that we are still stuck within a sideways consolidation.

And as I write this, I realize there’s no weekly or monthly stack anyway. Oh well. I guess I won’t be trading it

That’s it for this week

Daily book

Book wise I’ve started the Monk who Sold his Ferrari, it’s quite a nice read, while they try to make the story real, it would be a lot more fascinating if it was the views from someone that actually existed. So I may read Jay Shetty (think like a monk) book next or Jesse Itzler (Living with monks)

It’s a good book, but I’m not jumping up and down about it

That being said, I’m starting to really enjoy Scribd.com

Daily tweet

Monday 14th of December 2020

Good morning folks! I hope you all had an amazing weekend!

I’m starting to take the weekend off from backtesting – Feels quite good to have a break and be entirely fresh when I come back to the market on Monday.

Anyway, let’s update you with my trade.

Trade Update

As you probably remember I was short on GBP/CAD – I had one position left – my 4hour scale in.
I did a mistake when placing the trade, I placed a profit target at the following area of demand (that wasn’t fresh) and where the correction began. That’s not part of my trading plan. It was a mismagement.

The fact I mismanaged the trade bothers me I’ll be honest. I had entirely forgotten about my TP.

So far it played out for me at 1.681 for 5.81:1 which is great. However I did commit a mistake.

The stop should’ve been at 1.698 if I had been able to trail it like I should (and hence have a smaller profit)

Anyway, enough talk, let’s dive into my watch

FX Watchlist

AUD/USD

Aussie Dollar is the only pair I have on watch for today.

The area of supply dates back to April 2018. However, it’s not because it’s old that it’s no longer valid.

On the weekly chart we can observe that there was a lot of fighting between the bulls and the bears for six weeks before hand. The week after our area of supply was created there was a very clear drop in the price.

That makes me believe we could see some action in this area.

Of course, it will have to give me a clear script entry for me to take a short on it.

Daily Book

Over the weekend I finished reading The Unknown Market Wizards, I thought it was quite good, was rather interesting to hear the stories of individuals trading their own personal money instead of people managing large funds. I am closer to them than of Stanley Druckenmiller let’s put it that way πŸ™‚

Would recommend it if you’re looking for a trading book, it’s not the best out there – it may not teach you anything, but, it will reinforce the fact that you need to create a strategy that fits you, that the edge is in the application of your own strategy and the importance of keeping data.

On another note, Patrick J made me listen to the episode 208 of Chat With Traders, I thought it was really good, would recommend here’s the link:

Daily Tweet

Thursday 10th of December

Good morning folks! I hope all is well πŸ™‚

I have to come clear, I made a mistake yesterday, I thought we had two weekly stacks on AJ, however one of them wasn’t valid – hence I did not take the short. Thank you Alex C for pointing that out πŸ™‚
I have now adjusted the area of supply

I’ll be honest, the more I look at AC the less interesting it becomes to me.

All in all quite a few changes in my ideas over yesterday

Anyway, enough talk, let’s jump into my watch?

FX Watchlist

AUD/JPY

Aussie Yen has now reached the area of supply, I adjusted the daily area to the weekly if you’re wondering why it looks different from yesterday.

I will now be looking for a potential short from this area if I get a script entry.

A short entry could happen at 11 a clock french time, I’ll have to wait and see if there’s a script entry.

EUR/AUD

Euro Aussie is the second pair on my watchlist, however this one will only remain valid if the script entry happens in the next close, I dislike trade set-ups where the price action spent 24hours and more within the zone.

If at 11 a clock I see a script entry I’ll execute the long.

That’s it for me today

AUD/CAD could be something but I’m not loving it at the moment, I dislike having to break wicks. It’s also rejecting the longer term trend line so not feeling a short there,

Daily book

Still reading Unknown Market Wizards – it’s probably the most applicable book for traders out of the entire series so far I believe. It’s more a question of how those individuals trade (today) rather than how their funds trade and things that took place several decades ago

Daily tweet

Fuck man, SpaceX is nailing it

Wednesday 9th of December

Good morning folks, all my excuses if this is released after 9am, but wanted to make sure I was ready for my scalping.

Eheheh still managed to post it before 9am

My trading takes priority over this blog afterall, I don’t want to be a blogger, I am a trader.

No trade updates for today. So let’s dive straight into my watch?

FX Watchlist

AUD/CAD

Aussie Cad is a pair I’ll be watching for today. While it’s not the cleanest break of a trendline, to draw it we need to cut through its wick, which I’m not the biggest fan.

It remains quite clear, if the price pushes back up to the area of demand I have drawn, I’ll be looking for a potential short. That is due to the the fact we have a gorgeous weekly stack.

AUD/JPY

Aussie Yen is another pair I have on watch, this pair is probably my favorite for a short today, however, if any other pair that is on my watchlist gives me a trade entry I will execute it.

The price is currently pushing towards the area of demand, once that is reached I shall wait for a script entry to take it to the downside.

EUR/AUD

Euro Aussie is another pair on my watchlist, as you can probably notice, the Aussie is promising to move to the downside, so I’m quite keen on a potential long on EUR/AUD

This area of supply was created by the break of a descending trendline. The weekly stack is also obvious. All in all, if there’s a script entry that fits my rules, I shall take the trade to the upside with no hestation.

Daily Book:

Still reading the Unknown market wizards, rather enjoying it so taking my time instead of speed reading, if I can improve my competence as a trader by 2-3% by reading the book in detail, it’s worth it! If it gives me a new idea it will be worth it (even if it doesn’t improve my returns).

It’s always interesting to read books, reading about several different domains at the same time and mix matching the ideas is rather efficient in my view. Would recommend everyone to pick up several books on different subjects and read them at the same time.

For example the idea of supply and demand as a trader, was extremely well detailed in the book “Empire of Cotton” you could see how the supply being impacted changed the price and created new areas of supply etc etc

Daily Tweet

Tuesday 8th of December

Good morning folks! Hope you all had a wonderful day.

I don’t have anything to say, lack of creativity or not really awake for now, so let’s jump straight into my watchlist

FX Watchlist

AUD/JPY

Yep, I’m still eyeing up aussie yen for a potential short, I’ve been talking about it for a while now.

Sitting on your hands waiting for the perfect pitch is all we do as traders, we just have to be patient and control ourselves

AUD/NZD

Aussie Kiwi is currently between two areas of supply / demand. I’m not interested in the short, there’s no higher time frame stack. I am however interested in the long. For it to have a weekly stack it will have to reach the blue line, so we’re still far away

GBP/CHF

Noticed GBP/CHF after posting my daily watchlist, I’m quite liking it.

The area of demand was created after the break of a long term trendline linking the high of December 13th to the 1st of September. It’s not the cleanest I’ll be the first to admit, however there was a strong push higher from that level, so it may be something.

The structure does look rather good too.

For me to take a long trade I’d need to see a double bottom and then a script entry

EUR/CAD

Once again, we are still quite far away from the zone, more a question of the rest of the week

I have a few other things on watch but nothing too pretty for today, so will just have to wait.

I am however still waiting for a potential scale in for my short on NZD/JPY position

Daily Book:

Started reading Unknown Market Wizards, quite enjoying it so far, but to be absolutely honest, I think there’s more to learn about trading from endurance sport than from trading books.

Daily Tweet:

Monday 7th of December

Goood morning folks! Hope you had a fantastic weekend.

I ended up breaking my fast after 40 hours, I was feeling great, however I wanted to be able to get a workout done. My diet had been healthy this month so I didn’t feel the need to rebalance my digestive system, instead I preferred to focus on my fitness.

Anyway, enough talking,

Trade Update:

My initial 4 hour position, short on GBP/CAD reached its profit target for 3R. So far this pair provided me 3R and 0R, I am still holding a 4hour scale in that I am manually managing.

Let’s jump into the important stuff

Daily Watch

AUD/JPY

I’ll be looking for a potential short on this pair has mentioned previously, this area of supply was created by the break of a trendline, I like it. The weekly stack is also very clear, there’s two different ones that we could use πŸ™‚

Only have to wait and see what happens

EUR/AUD

Will be looking for a long on this one, similar bias as AJ, we broke a descending trendline, I prefer AJ since in this case the imbalance we are using as our demand zone close above the trendline it broke. It remains valid in my eyes

Once again, there’s a clear weekly stack πŸ™‚

GBP/JPY

I’ll be keeping tabs on GBP/JPY since we are quite close to an area of supply. However, if we break this trendline and close below it two days in a row it will have created a new area of supply. Let’s wait and see how the next two days close.

You know what I’m about to say about the weekly πŸ˜‰

USD/JPY

Dollar Yen remains on my watchlist as per the last two weeks, I’m not the biggest fan of it, however I want to keep my eyes on it to see how it develops, if we break higher there’s some clear movement to be caught.

While it’s not the prettiest set-up it will be valid if it occurs, there’s no weekly stack but there’s a monthly one.

That’s it for my watchlist πŸ™‚

Daily book:

Still juggling with HBR guide to buy a business, Empire of Cotton, Unknown Market Wizards, and I’ve added one more, that I actually finished over the weekend, Training Essentials for Ultra running. It has great tips for people looking to get into endurance sport but also life as a whole.

That’s what I like the most about Ultrarunning, you have to learn to embrace the suck to come out of it stronger and happy, you have to expect something incredibly difficult where the mental game will represent a huge part. I think it’s quite similar to life πŸ™‚

One quote I rather enjoyed was:

In my experience, most Ultramarathon athletes, even the elites, find success through a lack of failure on race day. They achieve their goals, win races not because they ran one section very well, but because they prevented the negative

Definitely could translate that into trading, or life as whole!

Daily tweet