SOYBN/USD, USD/SGD and USD/CHF on watch for me today.
Good morning all,
I hope you're doing well.
So yesterday I was eyeing up a risk entry within the tight flag that had formed on USD/CHF with the view of riding the bearish momentum to the downside which I believed would likely come into the market now that we'd potentially filled all of the buy and sell orders which were inflating the mid-price up, in part because an amendment that I made to my trading plan recently based on the testing that I've done is to try and avoid taking reduced risk entries on the break of tight flags when the lower trend line (if I'm looking to get short is sloping downwards) has a notable descending gradient to it. So I was sat with my deal ticket filled in, about to pull the trigger but the momentum came is so quickly that I didn't get chance to place my order. Had I been able to do so then I would have likely been running at around +2.75% profit for much of yesterday with just over +1% of it locked in. But I'm running a business and self-discipline is far more important to me than not missing out, as indiscipline is largely why many traders blow their trading accounts. So I was happy to stick to my plan and let this investment opportunity go without me, safe in the knowledge that trades are often like buses.
Sure enough, a little while later the investment opportunity which I was looking for from NZD/USD which I posted yesterday also presented itself and this time I was able to catch the risk entry that I was looking for from the top of the larger flag which had formed and once again, once the orders had been filled at the top of this flag the momentum to the downside kicked in almost immediately as I'd anticipated it might. However swap hours then came and with my stop loss now at break even I had to make a judgement call on whether to temporally put my 1% risk back on the table until the spread which can get pretty wild on NZD pairs had calmed down, which I was happy to do based on what the DXY, other NZD pairs and what other correlated pairs were showing me and once the Asian Session had started and the spread had calmed down I moved my stop loss back to break even. However during the early hours of this morning I was alas wicked out of my position to the pip, but looking at how price is moving it would appear that we're likely moving back up to the top of our lower time frame structure to form an even larger larger flag which I'll be considering getting short on once again most likely tomorrow.
So that's a break even trade on NZD/USD for me which Im very happy with which I'll finish documenting and journaling tomorrow and below as always is what I'll be looking for from the market today.
Have a great day!
SOYBN/USD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within 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.
USD/SGD:
• If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above 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.
USD/CHF:
• If price corrects and a tight one hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within 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.
I hope you're doing well.
So yesterday I was eyeing up a risk entry within the tight flag that had formed on USD/CHF with the view of riding the bearish momentum to the downside which I believed would likely come into the market now that we'd potentially filled all of the buy and sell orders which were inflating the mid-price up, in part because an amendment that I made to my trading plan recently based on the testing that I've done is to try and avoid taking reduced risk entries on the break of tight flags when the lower trend line (if I'm looking to get short is sloping downwards) has a notable descending gradient to it. So I was sat with my deal ticket filled in, about to pull the trigger but the momentum came is so quickly that I didn't get chance to place my order. Had I been able to do so then I would have likely been running at around +2.75% profit for much of yesterday with just over +1% of it locked in. But I'm running a business and self-discipline is far more important to me than not missing out, as indiscipline is largely why many traders blow their trading accounts. So I was happy to stick to my plan and let this investment opportunity go without me, safe in the knowledge that trades are often like buses.
Sure enough, a little while later the investment opportunity which I was looking for from NZD/USD which I posted yesterday also presented itself and this time I was able to catch the risk entry that I was looking for from the top of the larger flag which had formed and once again, once the orders had been filled at the top of this flag the momentum to the downside kicked in almost immediately as I'd anticipated it might. However swap hours then came and with my stop loss now at break even I had to make a judgement call on whether to temporally put my 1% risk back on the table until the spread which can get pretty wild on NZD pairs had calmed down, which I was happy to do based on what the DXY, other NZD pairs and what other correlated pairs were showing me and once the Asian Session had started and the spread had calmed down I moved my stop loss back to break even. However during the early hours of this morning I was alas wicked out of my position to the pip, but looking at how price is moving it would appear that we're likely moving back up to the top of our lower time frame structure to form an even larger larger flag which I'll be considering getting short on once again most likely tomorrow.
So that's a break even trade on NZD/USD for me which Im very happy with which I'll finish documenting and journaling tomorrow and below as always is what I'll be looking for from the market today.
Have a great day!
SOYBN/USD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within 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.
USD/SGD:
• If price pushes down to and ideally just below our upper rayline and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above 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.
USD/CHF:
• If price corrects and a tight one hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within 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.