Friday 7th of May

Good morning folks!

I’m in a really good mood today, I’ve just found a lovely new musicians I’m really jamming to (Gilsons) & really enjoying my new book (Accelerating Excellence by James King)

Anyway, enough talk about my life when I just took a trade, it’s time to jump into it

Trade Update

I just took a long position on GBP/CAD

We have just reached the low of the recent correction, I’m sure a lot of people will be looking to take longs from this area, so it’s not guaranteed.

We have a clear weekly stack (not fresh) that dates back to late June / early July.

This area has already been used as an area of supply quite a few times in the past, however this zone is fresh – it was drawn on the 11th of December to represent a counter zone.

Really enjoy this set-up. Let’s see what happens.

Oh and did I tell you guys I was no longer in my NZD/JPY positions yesterday? I think I did, but in case I didn’t, I’m out of all three positions for -1R (2 at BE and one for a full loss)

No regret on those losses, I know the rejection of a phase line has an impact on my performance but I can’t come up with a clear number from memory so it’s on my list of things to do.

Anyway, to recap

I am long in GBP/CAD and short in EUR/JPY.

Let the pip gods be on my side πŸ™‚

FX Watchlist

I love my job, I love trading I love understanding how currencies moved against each other, fuck me I’m grateful for this.

Anyway…

CAD/CHF

Canadian Swiss is on my watch for a potential short play.

We just reached the area of supply – we probably “pipped” it, however we didn’t get an entry signal on this pair this morning, so let’s wait and be patient, we may get something later on today.

The area of supply must be clear to everyone that’s been following this blog for a while now, it’s a gorgeous trend line break which also created its own weekly area of reversal, all in all, I’m liking this set-up.

If an opportunity is presented to us I’ll be looking to enter.

EUR/NZD

Euro Kiwi reached the area of demand yesterday and saw quite a strong move higher from it, it remains on my watchlist in case it forms a double bottom today and gives us an entry opportunity, let’s be patient, rushing in won’t help us.

It’s a question of patience πŸ™‚

EUR/USD

Euro Dollar is also on my watch for a potential short today.

We recently broke out of an ascending trendline, which in turn has created an area of supply that has a weekly stack, so I’m happy with that πŸ™‚

Let’s see if the price reaches it and if it gives us a script entry for a potential short play.

USD/CAD

Dollar Canadian is probably the last pair I’m watching for today, we have reached the zone from 2017 – which I’m quite surprised I had drawn it, I’m not the biggest fan of those long term zones, but it’s clear that UC is in need of a pull back πŸ™‚

The quaterly chart of UC is also quite interesting – it isn’t giving us a clear entry since there’s no fresh zones, however we’re forming a double bottom, will we see another leg up? Maybe

On the monthly we have another gorgeous setting of two zones that are stacked on reach other in this area, so let’s just put it this way, the demand will be here in this price range

The only problem I have with this chart is the fact that we’ve already had two bullish candles on the 4hour which means I’m not very likely to see a script signal to allow me to enter the trade.

I only follow my trading plan, so I won’t be executing a set-up that doesn’t fit my trading plan, but USD/CAD is rather pretty.

Let’s see what happens.

Oh and, I’d be happy if we see the CAD just drop like a stone and UC gain a lot of value since it would say that my GC position is paying off, so whatever happens I’ll be happy

But let’s leave you with a nice quote

Friday 30th of April

Good morning folks, I hope you’re well!

I took quite a few trades since my last message, all of those were on pairs that were on my watchlist yesterday so glad to see them take place.

Let’s wait and see what happens, I am happy with everything that takes place.

Trade Update

As mentioned, I’ve taken 3 more trades since I last wrote up my daily watchlist – NZD/JPY – CAD/JPY and EUR/JPY.

For those that are straight up thinking, but what about correlation risk Max? Don’t you mind taking three trades on the same currency pair across several pairs?

The truth is yes, I do, I am aware that it has a potential to make me vulnerable to events – that being said, I also know that when a set-up is lining up across several pairs it’s usually quite a good indication of a potential reversal.

To take 2 trades rather than the 3 was in my mind I’ll admit, but I decided to be a robot and execute all three since that’s how I backtest.

NZD/JPY

Kiwi Yen was the first trade I took, yesterday, we broke back inside the area of supply, broke above the wedge pattern and then gave us a rather strong bearish candle which I executed upon.

Since I am trading zones I don’t try to pick the absolute peak the price will reach, I’ll leave that part to guru that use 3pip stop losses, rather I’m happy to take a large position there and just patiently wait. I have no problem with the fact that the price hasn’t moved in my favour yet

CAD/JPY

Canadian Yen was the second pair I executed this morning just after waking up – even before making myself a cup of coffee! Can you imagine that?

Good thing I had my watchlist done because otherwise I wouldn’t have been able to be so quick πŸ™‚

In this set-up we clearly broke above the previous high to reach an old zone, which has a gorgeous weekly stack, I executed without any hesitation.

EUR/JPY

Euro Yen was also executed this morning straight after my CAD/JPY trade – it’s been on my watch for so long I believe you understand why I was interested in the zone, we broke above it, but once the candle closed it was within the 50% room for margin I give price, so I was able to execute.

Now my main question is can I delete my Wyckoff notes on this pair or not :’) I have left them on for quite a while now!

Oofff that was exhausting sharing all the trades I took:)

Hope you enjoy the transparency πŸ™‚

FX Watchlist

Now onto the future, what am I looking to trade today if we are provided with a clear signal from the market?

EUR/USD

Euro Dollar is on my watch for a potential short play, let’s see how the price reacts to the zone, it’s just a question of patience at the moment!

That’s the only pair that could potentially give me an entry today I believe, the others are still quite far away so just sharing one since I’ve just shared all my trades πŸ™‚

By the way, out of interest, what is of most value to you, me sharing my trades or my watchlist?

I’d love for you to fill in this straw poll so I could know what I should focus on

http://www.strawpoll.me/45209334

Cheers!

Wednesday 28th of April

Good morning team! I hope you’re well!

I’m liking how the price is currently moving across a few currency pairs, so just being patient πŸ™‚

Let’s dive straight into it!

FX Watchlist

AUD/CAD

Aussie Cad is approaching the area of interest, I’ve adjusted the daily level to fit with the weekly

CAD/JPY

Canadian Yen is also approaching the area I am interested in, this time for a potential short play – we’ve got an old weekly stack that still works with me so let’s wait and see what we get πŸ™‚

EUR/JPY

Euro Yen started to play out exactly as I called it yesterday making a higher high, now the question is will it go lower or are we breaking this area of supply to beginning the next push up. I don’t know, all I know is that I’m patiently waiting for a short πŸ™‚

NZD/JPY

Kiwi Yen is also on my watch for today, we are now within the area of supply so I’m on my toes waiting for a script entry for a potential short play.

Let’s be patient, it’s not guaranteed the price will drop anyway so there’s no point taking a trade that doesn’t fit our criteria.

That’s it for today, just wanted to share my “priority” watchlist since we’ve got quite a few things that could play out today or tomorrow!

Leaving you guys on that πŸ™‚

Keep executing / Keep improving / Keep smiling πŸ™‚

Friday 23rd of April

Good morning folks! I hope you’re well!

I’m still holding my original short on AUD/NZD ( as well as the scale in on my personal account – it’s only my 5ers account (a funded account by an investment company) that was tagged out due to spread) as well as my long scale in on EUR/USD.

Both have been going sideways since yesterday but that’s fine by me πŸ™‚

Let’s dive into my watch? There’s nothing I expect to see today to be honest.

FX Watchlist

EUR/NZD

I’ve got EUR/NZD drawn up for a potential long, but as mentioned yesterday, we’ve created a clear double bottom formation / even a triple bottom so rather exciting if we break that level lower we could see a potential liquidity grap.

NZD/CHF

Kiwi Swiss is also on my watch for a potential reversal once the highs have been broken.

Let’s be patient and see how things play out next weekend.

Also, currently listening to a podcast that’s rather interesting:

Wednesday 21st of April

Good morning folks! Hope you’re well!

Quite a sad day yesterday, the Yen pairs moved really close to my area of interest and then dropped lower without giving us an entry

FX Watchlist

EUR/JPY

As mentioned, Euro Yen nearly reached the area of interest but was 1 or 2 pips away (it also didnt give us a script entry)

GBP/AUD

We’re approaching the area of interest, let’s be patient.

NZD/JPY

Let’s see if the yen pairs move to our areas of interest

Keeping it stupid simple for today πŸ™‚

Tuesday 20th of April

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

Quite a lot of pairs are starting to shape up for a potential trade, this week could be a good one so let’s dive straight into it

Trade Update

Oh and when I’m thinking about it – my AUD/NZD 4hour scale in was tagged out for around -0.2R due to slippage on Friday night sadly, slippage + the carry cost did end up making it a bigger loss than it should’ve been but that’s all right.

It’s a shame I was tagged out by 6.6 slippage but… Not much I can do about it.

That being said I’m still in my original position so that’s still going.

FX Watchlist

I won’t go into much detail if we’re still quite far from the area I find interesting, but I just wanted to get you to open your eyes πŸ™‚

EUR/GBP

EUR/NZD

EUR/JPY

EJ has been on watch for a rather long time so let’s be patient πŸ™‚

GBP/AUD

GBP/JPY

GBP/USD

Happy I had executed the long on GBP/USD no regret not taking re-entry since it’s not part of my trading plan – let’s look for a potential short now.

NZD/CHF

NZD/JPY

Tuesday 30th of March

Good morning folks! I hope you’re well!

To keep you updated I’ve moved my stop to BE on EUR/NZD, let’s see if it makes the last 1% to reach the profit target.

Enough talk anyway πŸ™‚ Let’s dive in

FX Watchlist

EUR/USD

I’ll be looking for a potential long on euro dollar for a counter zone play, we have a clear monthly stack there that I’m happy with

GBP/CHF

I’ve got pound swiss for a potential short for this week – you could quite easily have drawn a larger zone and already taken a trade so it’s worth keeping on your watch

GBP/JPY

Pound Yen is quite interesting we’re currently forming a double top on the daily and have a clear retest of a trend line break. We’ve reached the zone and formed a little U shape on the 4hour so let’s wait and see what happens.

There’s also a clear weekly stack that I’ll be happy to use πŸ™‚

NZD/CHF

Kiwi Swiss is also interesting & worth eyeing up πŸ™‚ This trendline break is a little iffier but remains valid in my eyes.

That’s it for today πŸ™‚

Wednesday 24th of March

Good morning folks, I hope all is well!! Sorry I didn’t update you folks yesterday, had a 7hour drive ahead of me so figured I’d focus on myself instead of providing you with my watchlist.

I didn’t have anything until the markets moved anyway πŸ™‚

Trade Update

Took AUD/NZD for a short position at the daily close last night.

We reached a clear area (a trend line break level) that is nicely stacked with a weekly.

Clear area (That I had initially missed, I only had the higher level) with an extremely clear evening star so all in all, I was happy to execute once the spread calmed down.

FX Watchlist

CHF/JPY

Swiss Yen is a rather complicated area of interest however, I’m interested.

What we are able to witness here is a third counter zone, so yes, it’s not the cleanest area of reversal, however it remains valid in my eyes. There’s also a potential weekly stack so all is well on that side of things, on the 4hour we can observe a slight deceleration – let’s see what happens!

EUR/NZD

Euro Kiwi is a potential on my watchlist, its a clear counter zone, if we use two weekly candles we can say it has a valid weekly stack and on the 4hour well, it’s interesting to look at.

We did break a strong descending trend line so it’ll be interesting to see if this is a big reversal or just a larger correction before we see another leg lower.

GBP/USD

Pound Dollar is on my watch for a potential long opportunity, we have a clear counter zone at this level, however we did just witness a break of the ascending trend line – so was this a bear trap? Get a lot of people to enter sell positions before another leg higher?

Time will tell, one thing is for sure, I’ll keep my eyes on it!

USD/CHF

Dollar Swiss is also on my watchlist, it’s rather funny, I was talking about the CHF quite a lot over this weekend since I was with people who live in France but work in Geneva (and get paid in CHF).

This pair is of value to me since we are approaching an area of supply, a clear counter zone, last time we approached it we saw a clear reversal but it didn’t quite reach it so I didn’t take it, will it reach it this time? If it does it’ll give us quite a pretty double top.

Daily Tweet

Was listening to “The art of resilience” by Ross Edgeley on my 7hour drive, he said the following quote, and it really strung a chord with me so here it is:

Wednesday 24th of February

Good morning folks, I hope you’re well.

Starting to spend the first two hours of my word standing up rather than sitting, will see how that feels at the end of the week, so far all I have to say is damn, I’m surprised I can feel it so much!

Trade Update

To update you with my trades:

CAD/CHF reached its profit target – feels bittersweet, at the time I was in a drawdown hole close to my stop out limit on my 5ers account so I was forced to secure some profit on my 4hour scale in – which turned out to be around 0.3% rather than letting it play out.

Glad I stuck to my trading plan with this original position.

That trade brought me back into profit for the year so there’s only one way forward, and that’s to keep increasing my P&L for the year

To remain on track I also have to mention the fact that I took two positions on AUD/NZD yesterday.

The original position was taken after a clear arrow entry which is part of my rules – the scale in, which was taken out was placed once we had two clear hourly candles away from the 50EMA that were forming a sort of correction above the break of an ascending channel.

Anyway, enough talk about the past, lets look forward to what’s on my watchlist

FX Watchlist

CAD/CHF

Yes, I am now looking to take a potential short on Canadian Swiss for a potential reversal, we played the move higher, let’s see if we see a rejection from this level to head lower.

That being said, we are already quite high in the area of supply so it’ll be interesting to see what happens – a double top formation would make me happy to enter a position, otherwise, I’ll be more careful.

CAD/JPY

Canadian Yen is my second CAD pair on watch for a potential short. On this one we haven’t reached the area of supply (yet) however I believe it’s a rather clear one as well.

Oh and on both CAD/JPY and CAD/CHF we have a clear monthly stack so that’s okay with me

EUR/AUD

Now that Euro Aussie has moved away from the area it was yesterday I can finally say I’m glad I didn’t execute the trade otherwise I’d be using a hammer and breaking my right hand bones for breaking my trading plan πŸ˜€

We are seeing the price move towards the area of demand I highlighted yesterday, we just have to remain patient and see what happens.

GBP/CHF

Pound Swiss is also worth mentioning since its the second CHF pair that has reached an area of supply. This zone may not be the prettiest since it’s more a question of structure break rather than a trend line break – even tho you could also mention the fact that it’s a counter zone – hence valid.

This area remains where the push lower really started to gain a lot of traction, and I must say, we are starting to see that the current move higher is a bit over-extended so a pull back wouldn’t surprise a single one of us, would it?

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

NZD/JPY

Kiwi Yen is also within an area of supply, so let’s wait and see what happens.

We previously talked about the cons of this area if I remember correctly so I’m waiting for a clear entry.

USD/CAD

Dollar Canadian is the last one I’ll talk about (there’s also USD/SGD but I can’t trade it so go and look at it) we have now reached the area of demand, I’ll be patiently waiting to see a clear entry before executing a trade long.

If you’re still here… Here’s good news

While I’m here, rather than talk about the book I’m currently reading (Fit Soul) I’ll share one screenshot of the strategy I’m currently developing

I’m quite happy it looks rather promising if I take the SDS away from my list the average return does improve as does the strike rate.

Hopefully I’ll be able to start trading it live soon.

I just want to take the time to go through a bit more data, potentially collect one more year of data to get more of a feeling for it.

Once I start live trading it, I may share a few things from it as I do for my current style.

Best,

-Max

P.S. hope you enjoyed this watch, it’s a rather long one πŸ™‚

Tuesday 23rd of February 2021

Good morning folks, I hope you’re well!

Before I jump into my watchlist, I’m just going to mention the fact that I did not take EUR/AUD this morning since it spent over 24hours in the same sideways price action. It remains on my watchlist for a long, however, I am not in a position.

Enough talk, let’s dive in.

FX Watchlist

AUD/NZD

Aussie Kiwi remains on my watch for today, while we are within one area of supply, there is another one just above so I wouldn’t be surprised if we reached that one and broke the previous high to create some liquidity before a potential reversal

EUR/AUD

As mentioned there was a script opportunity for a long on the previous 4hour close, I did not execute it due to the fact the price had spent over 24hours in that zone. Hence I’ll be waiting for the price to drop to the next area of demand before taking a long opportunity.

NZD/JPY

Kiwi Yen remains on my watchlist, it still needs to go a little higher in order to reach the area of supply, as mentioned yesterday I’m not the biggest fan of the daily formation however the weekly is gorgeous in by itself so all in all I’ll be executing the trade if a script entry is provided in that area

USD/CAD

USD to Canadian is struggling to break its previous lows, last time we were in a “different world” back in 2018, however if it does break to the downside, it’ll be interesting to see how it responds to the area of demand since it will be just below a clear double bottom which will provide institutions enough liquidity to push the market higher if they decide so.

USD/SGD

While I can’t trade Dollar Singapore I can still talk about it for those who can πŸ™‚ Such a selfless individual eh!

We are starting to form a double bottom formation which fits perfectly with an area of demand – let’s see what happens once we reach that area.

That’s it for my daily watch for today πŸ™‚

I do have one thing to say, and it’s probably a mistake to mention it at the end of this post – it should rather be at the top…

I used to forecast price action and say that the price was going to start forming a wedge pattern to reach X.XXXX and then reverse. Otherwise we’d see a double top on the 1hour chart before taking a short.

While being that detailed was great, it was also quite problematic since it lead me to believe I could exactly forecast what the market was going to do next.

The truth is, no one knows exactly where the market is going to next, all we know is where we believe the market is the most likely to go towards.

Aim to understand areas where price will likely change directions. Don’t try to forecast how the price gets there, try to forecast where the price will reverse.

Once you start to get good at finding reversal spots you’ll be able to trade continuations with a lot more confidence.

Don’t forget the path of least resistance!

Sorry got stuck into the twitter rabbit hole and forgot to get the links I wanted πŸ™‚