In today’s live trading session, we went over the profits made from the trades taken yesterday, the US Unemployment Claim numbers and setups to take before tomorrow’s market close.
During yesterday’s session, we determined a bearish bias for EURJPY and CHFJPY. Both setups were pending until our entry criteria was satisfied. EURJPY hit take profit 1 and went as far as 45 pips into profit. CHFJPY went to take profit 1 before reverting back to entry and stopping our partial position. These two trades had huge downside potential, but US Unemployment claims increased the strength of the Euro and the Swiss Franc.
The US Unemployment Claims came out at 3.00 million which is far greater than the forecast of 2.50 million. This release led to substantial moves to the upside for the Forex majors. Since then, those moves have been cancelled out by equal movement in the opposite direction. This may be due to the markets waiting for tomorrow’s US Core Retail Sales data before deciding the fate of the US Dollar.
This week has swiftly blew by, and we are good spirits as our last four trades have been winners. Now, the the worst thing we can do is give the markets back what we gained. Therefore, for the next 24 hours it will be very important to only enter the highest probable trade setups. The markets will definitely get uneasy tomorrow at 8:30 AM EST when the sales data is released. If we were to hold a trade during this event, it would need to be in profit with stops at entry. As always, be safe and trade responsibly!
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