In today’s live trading session, we discussed the profits made from our EURAUD trade, the FOMC Rate statement, and trades to take for the rest of the week.
During Monday’s live trading session, we called a short for EURAUD. We had our first target hit early Tuesday morning. We saw another opportunity to enter another position in yesterday’s session, that position then hit its final target during the London session. A potential gain of up to +110 pips was made from this one pair.
Today is a huge day for the US Dollar. Earlier this morning the US reported a -4.8% GDP, which is the worst it has been since the 2008 recession. Later this afternoon, we have the Federal Open Market Committee (FOMC) Press Conference where Jerome Powell will discuss the current US climate and whether rates will stay or adjustments need to be made. Expect a sharp reaction in the markets if Powell states any surprises.
We will see more movement in the next 72 hours than we did in all of last week. The fundamental news is just starting to come out, and there is more to come. Thankfully, we are in positions that aren’t directly affected by the news. The release of some news may even help our trades on the way to their targets. Risk and trade management during these times is key. As always, be safe and trade responsibly.
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