NZD/USD, NZD/CHF and EUR/GBP on watch for me today.
Good morning one and all.
So I didn't place any trades yesterday to a large extent because there were some volatility spikes that occurred across the board yesterday and in my experience price will often come back up or down to fill such spikes before it can continue in my forecasted direction, which in some cases appears to be what's now happening. So once again I was happy to sit on the sidelines and wait for something which meets the requirements of my trading plan to present itself.
Some of what I'm looking for today is going to need a little early London Session momentum for it to be ready before the end of today, but if I have to wait a little longer for what I'm looking for to shape up then so be it. Trading is about patience and trying to catch the investment opportunities which give you your edge over the market, it's not about trying to catch every conceivable investment opportunity.
So below are my entry requirements for today as per usual for your viewing.
Have a great day and I'll speak to you again tomorrow!
NZD/USD:
• If price pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
NZD/CHF:
• If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/GBP:
• If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
So I didn't place any trades yesterday to a large extent because there were some volatility spikes that occurred across the board yesterday and in my experience price will often come back up or down to fill such spikes before it can continue in my forecasted direction, which in some cases appears to be what's now happening. So once again I was happy to sit on the sidelines and wait for something which meets the requirements of my trading plan to present itself.
Some of what I'm looking for today is going to need a little early London Session momentum for it to be ready before the end of today, but if I have to wait a little longer for what I'm looking for to shape up then so be it. Trading is about patience and trying to catch the investment opportunities which give you your edge over the market, it's not about trying to catch every conceivable investment opportunity.
So below are my entry requirements for today as per usual for your viewing.
Have a great day and I'll speak to you again tomorrow!
NZD/USD:
• If price pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
NZD/CHF:
• If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper ascending trend line for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/GBP:
• If price pushes up to and ideally just above the upper trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.