In today’s live Forex trading session, we went over the current trade setups we’re looking at, including EURAUD and NZDJPY, as well as other potential trade ideas that may play out later in the trading week.
In the previous live session, we spoke about a potential trade setup for EURAUD. This trade setup would only become validated and entered if we got a 4hr closure below our support zone. Early in the London session, we got this closure and a quick +110 pip drop followed. After this initial drop, our stops were moved to entry and the trade was closed at breakeven. We had a similar upside move for NZDJPY. Once our 4hr entry criteria was met, the pair made a rally of +100 pips to the upside.
For the remainder of the session, we focused on trades that could be in play for the rest of the week. In particular, we focused on GBPUSD shorts as still being the number one potential trade setup. We are patiently waiting for the break of the current 4hr support to allow for a huge sell-off to occur. We also found a potential intraday long setup for EURUSD, pending a bullish closure above recent resistance.
This week has been very volatile and unpredictable, which was predicted by us on Monday’s live session. This is one of those weeks where you sit on your hands and you observe the madness going on. It’s better to save $500, then forcing a trade and losing $200. When the perfect setup comes along, you execute and reap the rewards. In times of market chaos, you need to be like a ninja, be patient and attack at the perfect opportunity. Be a ninja, don’t just spray and pray! As always be safe and trade responsibly!
Watch the full recorded live webinar in the Forex Trading Room Portal
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Read yesterday’s article: Euro PMI Comes Out Mixed, Pairs Are Looking For Direction
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