This was going to be a ‘week in review’, but since I took 0 trades last week, this post is going to be a ‘what happened and what happens next’.
Patience was of utmost importance this week. One key method of thinking, which changed my approach a lot, is thinking it’s incomprehensible to be stopped out on a trade. If I look at a trade idea, I want to think ‘I will not be stopped on that trade’. It should be surprising. Only take the winning trades.
Let’s get on with it.
I was waiting for this long all week. The fill missed by 1.5 pips. Very annoying but it happens.
We can see multiple bar highs in the region of 1.0838, we were also past ATR on the day. I chose that specific area for a bid because it’s the last naked high in the area. My stop is marked by the cross. My target was the upper dashed line (which hit in the next candle). Onto the next now.
Two areas to watch in GBPUSD, shown on the Daily chart. The upper level for a short and lower for a long.
The upper level will be a sell limit at the last hourly low, the lower level I’ll wait for bullish price action because I can’t see a clear price for a limit order.
Had to put this one onto a daily chart because the level is so prominent. Fairly standard break and acceptance below the red level, retest to get me into a trade.
The opposite of EURJPY which is slightly strange due to the correlation. Very interesting area for early in this coming week.
This is an interesting area on the hourly chart. Ideally this area will be past the daily ATR when I enter the trade.
Big area below market, I spoke about this one here, it just hasn’t triggered yet.
Top area I will put a sell limit in, big level visible on the weekly chart.
Bottom area I will wait for a clean break and acceptance above, then look to get long.
I want a clean break and close above this area on the daily chart to start looking for longs. We can see a few interesting looking candles on the weekly chart too.
Same as CADCHF really. There’s a possibility these setups trigger or invalidate at the same time and likely won’t be entered in tandem either.
And that’s it for this week’s roundup. It’s a shame there weren’t any actual trades taken, but if the market isn’t looking ripe on my timeframe, I sit on my hands.