In today’s live trading session, we discussed the +300 pips made from yesterday’s trades and then discussed the possibilities for the FOMC meeting minutes. The rest of the session we discussed possible trade setups. A setup of particular interest is a long for GBPJPY.
During yesterday’s session, we found setups for US Oil and GBPAUD. For US Oil, we had a short bias because we had failed to push above the current daily resistance. In addition, the OPEC meeting was rescheduled due to an ongoing feud between Russia and Saudia Arabia. This short trade had virtually zero drawdown and led to a +250 pip drop. For GBPAUD we had a long idea as the pair had respected our daily support zone. This pair then pushed +128 pips to the upside. Simple analysis and huge profits, why over-complicate trading?
The FOMC meeting is taking place today in the afternoon. We will be given more insight into the Fed’s thinking during this point in the pandemic. There really is no prediction for this event, although, it is expected to spook the markets regardless of the Fed’s tone. Due to this event, we have decided to focus on trading the minors today. We have found a potential long for GBPJPY. This pair needs to clear a previous high before we enter, though. We are off to get a great start to the week and we look forward to continuing this momentum. As always, be safe and trade responsibly.
Watch the full recorded live webinar in the Forex Trading Room Portal
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Read yesterday’s article: Gold Reaches 1675 Psych Level + OPEC Meeting Setup
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