Welcome to another live trading session. In today’s live trading session, we went over the current status of our trades and trades that we could take for the remainder of the week.
As of right now, only one setup from yesterday’s live session became validated. This was our short setup for GBPCHF. We entered shortly after the session when we got a bearish closure on the 4hr timeframe below support. After we entered, the next 2hr candle stopped us out at a loss of -72 pips. Our first substantial loss in quite some time. Maybe this loss was needed, to remind us that we are still human and not immune to losses. These last few weeks have been spectacular so we are not sweating this losing trade.
The rest of the setups that were discussed are still pending and have yet to satisfy our entry criteria. We are patiently waiting for GBPUSD to close bearish on the 4hr timeframe below our support. Currently, price is being held up by this support but has not made any real rallies. This tells us that enough sellers are present to keep GBPUSD from recovering too much. In the latter portion of the session, we discussed trade ideas for XAUUSD (Gold) and US Oil. We expect a potential long idea for XAUUSD and a potential short for US Oil.
As expected in yesterday’s session, this week was going to be awfully slow and unpredictable. We will need to be very cautious and disciplined this week to make sure we do not jump into unnecessary trades. We have some setups that are looking promising, but nothing concrete enough to enter just yet. Patience pays, and patience saves. Let us play the long game here. With that being said, please be safe and trade responsibly!
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