Four pairs on watch for me today, simple plays. Market needs to show its hand first, right now it is a case of staying composed and patient.
A long position I took on EURJPY this afternoon. Risk was managed but taken out of the position for a breakeven, nowhere for profit to be locked in using structure however I am very happy with the decisions made throughout.
Short position taken on AUDUSD, held over the weekend and was taken out on Monday NY open for +2%. Emotional Log --- **Pre-Trade** I have been forecasting this setup and it is now showing its hand, this is where I need to act and understand it can still win or lose and that I have no control over that. Let experience come through and my knowledge, just look...
How am I feeling pre-trade? I am feeling confident in my mind, I forecasted the risk entry and not allowed little things to put me off the trade. Normally I would be saying things like ‘its gone past the hook’, ‘there needs to be a nice retrace or pin bar’ but ultimately it has all of the ingredients to sell. Ascending channel, meets AT hook with a 1H retrace...
Two pairs on main watch for me today, EURUSD and AUDUSD.
A short position I took on AUDNZD last week for a breakeven. Solid position here as experience stepped in and prevented me from taking a loss. All explained in the video and you will find my emotional trading log below, enjoy! 🧠 Emotional Log --- Pre-Trade Pre-trade I was in a state of slight hesitation/confusion, but not for my normal reasons (not wanting...
Pair : NZDJPY Direction : Short Result : +0.5%
USDCAD is approaching a great area of demand to the downside around the 1.37000 price level. I will be watching this closely for a strong daily bearish close before waiting for a candle signal to confirm my entry.
We could be looking at a retest of the trend-line on this pair, but I do believe it has the potential to fall further to the 1.24000 area. Especially after the drop the US Dollar took last week, it is due some buying control back which may push this pair down further.
Trendlines can be super powerful! Draw them onto the tops of the wicks of the candles, do not 'make them fit' and always be wary for a retest to get that sniper entry!
Is USDJPY diving back down to 112.600 area to grab some liquidity, only to return back North again/ Looking left at the chart on a 4hr this can be seen many times. Busy day today & tomorrow fundamental wise, let's see if this 112.600 holds, could be a possibility of a break down to 112.450 for a stop hunt before positive news takes affect...
Aussie has been moving like this for a while now, bouncing between 0.7440 and 0.7360 without showing any clear breakout yet. I managed to catch a short swing trade today on the 4 hourly chart but looking for some better opportunities once this range breaks.
Entered this trade on a pin bar / stop hunt that present itself yesterday morning. Entered on this pin bar and waited for news to hit. It was positive as suspected, my take profit was back down at previous structure and did actually push through this.
Kiwi Index has broken previous monthly lows. Weakness maybe? Could see some great opportunities with NZDJPY appearing today!
95.00 resistance and 94.00 support is a key area of interest for the Dollar as you can see how price reacted previously to these levels. It has tapped 95.00 today and pulled back so there is bullish pressure there, but can the bears keep it below this level and closer to 94.00?
This pair is following suit so far since I first analysed. Let's now see a pullback and a strong downside push to 0.98700 support.
This pair is bearish for me looking at the weekly chart, strong bearish candle inside an ascending channel. Therefore bearish short term. A break of the lows inside the yellow box could run it down to 1.25500 support, but a pullback is needed first! Just be wary of double bottoms and tops being formed which are also apparent on the daily timeframe too.