In today’s live trading session, we went over the trades we took this week as well as trade setups to potentially take next week. Although, we didn’t reach out +300 pip per week goal, we had a total of 6 trades, with 5 being winners. Quality over quantity, always.
Due to the fundamental nature of this week, we had to be selective of the setups we entered. Our first trade was a short for NZDUSD. This trade hit our first target of +23 pips, before it stopped our partial position at breakeven. This trade was then followed by our only loss for the week, which was a long for GBPAUD. This trade hit our stop loss for a -45 pips. But, we rebounded quite well, with a short for AUDJPY that resulted in +65 pips. This trade was then followed by a series of take profit 1 hits for EURCAD, EURJPY and CHFJPY.
This morning the US Core Retail Sales printed a record low of -17.2%. This was twice as bad as the forecast of -8.6%. Initially, all the majors had gained on the US Dollar. But, oddly enough, those moves were cancelled by the next 1hr candle. For some pairs like EURUSD, it has left price action quite choppy and ambiguous to gauge. However, NZDUSD has provided a clear sell signal. We are looking to target the lows made during the pandemics’ peak back in March. We have similar setup and target for GBPUSD which had broken daily support this morning.
As a trader you have to be adaptive. Market conditions are rarely ideal and always present new challenges. Think of trading as boxing. Some weeks we use big hooks (huge wins) to trade the week, other weeks, like this one we will use jabs (medium wins) to trade the week. Adaptability is what will ensure you and your trading strategy can be profitable during any quarter, any condition and on any pair. If you see your week history for this week and you see profits, you should be grateful and proud. You are apart of the 5% of traders that make profits trading. Slow compounded growth is what trading Forex is about. Not flipping your last $200 into $3,000 in two weeks. We hope you all have a great weekend!
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