In today’s live trading session, we went over the fundamental news that occurred earlier this morning. We then completed technical analysis to find trades to enter before the week comes to a close.
Early this morning, the European Central Bank stated that they were going to keep interest rates at 0.00%. This wasn’t much of a surprise, but this news still led to modest gains for the Euro. Shortly afterward, the US economy indicated that 1.9 million people filed for unemployment last week. This was greater than the forecast of 1.82 million claims. With protests occurring in every state, one can only imagine how much these claims will increase next week.
As we have around 36 hours left in trading week, we are solely focusing on getting in one or two more trades. Another factor to consider is that the Non-Farm Payroll release is tomorrow morning. It is far from ideal to hold trades during this prominent event and it is definitely something we will try our best to avoid. One of the setups that we are eyeing to enter is an intraday long for GBPJPY. USDCAD is also another setup that we are waiting for. This pair has been stuck at support all week. Our traders are waiting for a break of support to take the short down.
Last night RP Forex called a short for GBPNZD which hit our first take profit of +25 pips and went as far as +50 pips into profit. In total, we have reached our weekly goal of +300 pips per week and have not lost a signal trade in doing so. Patience and discipline, that is how consistency is achieved. We hope you all had a great trading week. Let us see if the market can give us another trade or two before Friday’s market close. As always, be safe and trade responsibly!
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