In today’s live trading session, we went over the trades we took yesterday and then completed technical analysis for several pairs. In particular, we found setups for GBPUSD, GBPJPY and GBPAUD.
During yesterday’s session, we discussed a possible intraday short for AUDJPY based on its rejection of 4hr resistance. A signal was called after the session, which ended up hitting our final target of +65 pips. Later in the day a signal for EURCAD was called based a on similar rejection on the 4hr time frame. This trade hit take profit 1, and was 4 pips away from hitting take profit 2. An easy ~100 pips from two simple intraday setups.
For the rest of the session, we spent time analyzing potential setups to enter before the week comes to a close. We found a common bearish theme among the Pound pairs. We are waiting for GBPUSD, GBPJPY and GBPAUD to break their respective 4hr supports before we enter short. If the support holds, however, we will be looking for intraday buys for these pairs.
Later tonight we have the Australian employment data being published. Forecasts are rather gloomy which is understandable given the current situation, but ideally we would want the data to be bullish. This should help our GBPAUD trade either become activated or dive into profits. Once again, the markets will test our patience this week. As always, be safe and trade responsibly!
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