In today’s live trading session, we went over the status of our current and pending trade setups. We then went over trade setups for NZDCAD and CADJPY.
In yesterday’s session, we covered the lack of movement in the DXY, and that we were shifting our focus on to trading the minor currency pairs. But, we also have to remember that the major currency pairs often dictate where the minor currency pairs go. Therefore, both the majors and minors are being affected by the indecisive DXY. Luckily, we were able enter a promising short trade idea for EURNZD.
As for further trades to take, we have identified two more promising setups. One is a long for CADJPY and the other is a short for NZDCAD. Both these setups are taking advantage of the bullish Loonie as well as bullish unemployment data that is set to release tomorrow. Since we are trading with the trend, we are confident that both setups will lead to favorable results.
When the markets are being as indecisive as they are, it is best to stay true to your trading strategy and what has worked for you thus far. It is never okay to bend certain rules in order to gain entry into a trade. Trust us, that is a bad habit to develop and an even worse habit to get rid of. As always, be safe and trade responsibly!
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- Read yesterday’s breakdown: EURNZD Intraday Setup + CADJPY Long Signal
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