I got home today and found a nice setup arriving in an hour so I decided to record the trade actively with the intention of discussing my thoughts on it as it progressed in real time. Real time experience is quite different to analysis and theory in the same way understanding ideas is different to applying them. You can know how to kick a ball or swing a club but not actually be able to do it very well yourself. You also never consider the human element when attempting to execute the strategy; the emotions, psychology and so on, which I've always said is more important for your bottom line than understanding any theory.
We banked $900 today with 1/3 of the position floating ($450). At the time of this upload our decision is to leave the last 1/3 open until we observe the daily candle close as that is our next unit of information that will necessarily lead to some decision.
Good Trading.
We update our analysis on our Aussie pairs from last week. The pattern has not been invalidated yet on the audchf or audusd. There are pathways forward to still catching some bearish movement that we've been monitoring for awhile.
The eurusd is in a poor location contextually and can be avoided for those reasons alone. However there are still waves of price action that can be caught and we discuss some possibilities for movement that can occur early next week.
Good Trading.
The Aussie crosses are continuing to develop nicely. The bearishness observed within the waves last week produced something concrete end of Friday and beginning of today (Monday) that we will be using to build towards a trade. The main pairs are generally uninteresting apart from an odd random intraday position that are a bit difficult to see coming. The pound does have a clear intraday possibility that we're going to be watching closely.
Good Trading.