Decent CPI Data Helps The Dollar + U.K Cuts Rates By 50 Basis Points

Welcome to another live trading session. In today’s live session we went over the current status of our trades, and if there are any trades we could possibly enter.

In yesterday’s session, we were able to identify a short trade for EURUSD. We took the trade and our first take profit level was hit. We then moved our stop loss to entry, which was later on hit. We also took an NZDJPY short trade during the live session and were also able to hit take profit 1 during the session. We had entered with a small position and opened an even smaller position for the rest of the trade. Unfortunately, we were later than stopped out at -60 pips during the Asian session.

In today’s session, we once again entered short for EURUSD and were able to hit take profit 1 for a gain of +25 pips. We have since then exited the trade, and are looking to enter again once our 4HR support is broken. Similarly, we have entered short on EURJPY as it’s price action is mimicking EURUSD. We are currently in some minor profit, with hopes of further downside.

Some weeks we eat the whole cake, other weeks we have a slice, this week we get crumbs. Due to the current Coronavirus causing uncertainty and gaps in the markets, we weren’t able to get any homerun trades this week. Much of our profits are from intraday setups where our first take profit is hit and then our partial position is stopped out at entry. This may be the new norm, for now. We will have to be adaptive as traders and take only what the market gives us. As always, be safe and trade responsibly.