In today’s live trading session, we went over the status of our pending trades, and then we identified trades for EURNZD and CADJPY.
To not much of our surprise, the US Dollar Index (DXY) has yet to move from 93.30. The consolidation has trickled down to EURUSD, GBPUSD, and some of the majors who have yet to find a direction. An indecisive DXY usually leads to a harder and more stressful trading week. This is why we have shifted our focus to the minor currency pairs.
We first found an intraday short for EURNZD, which could bring a return of up to +240 pips. We will first wait for rejection on the 4hr time frame to confirm our bias and then take the trade setup which was a 4.0 risk to reward ratio. Another trade we found was for CADJPY. This pair has the potential to make a strong rally to the upside with a target of August’s high.
To reiterate our mindset in the Forex Trading Room, we want to be snipers in the market and not machine guns. We want to wait for the perfect trade opportunity and execute with confidence when it presents itself. As always, be safe and trade responsibly!
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- Read yesterday’s breakdown: DXY and NZDCAD Head and Shoulders Pattern
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