Welcome to another live trading session. In today’s session, we went over the trades we took this week that led us to +500 pips of profit. We then took a look at trades we can take next, particularly AUDUSD, CHFJPY, and USDCAD.
This week we made much of our profits from shorting the New Zealand Dollar. We first took short trades for NZDUSD and NZDCAD. These two trades were analyzed and entered during our live session. Both trades have brought in a total of +110 pips. We do expect further downside, but we will not hold these trades through the weekend due to current global events. We then had two long trade setups for EURNZD and GBPNZD. These trades were requested by our members in the trade room. Our GBPNZD trade brought in a massive +370 pips, which is not a surprise as GBPNZD moves a great amount per pip. Our intraday setup for EURNZD has also brought in +35 pips.
Transparency is the best policy, especially in Forex. We did have two losing trades this week. Our first loss was for XAUUSD (Gold). We had entered short on the precious metal but we were stopped out at -60 pips. if you recall, our bold prediction for 2020 is forXAUUSD to potentially hit 1800. Moving forward we will not enter any shorts for XAUUSD and only focus on trading with the long term trend.
We then took a look at setups for next week. There is a chance to enter short once again for AUDUSD next week. We believe the current Coronavirus ordeal will fuel the sell-off of the Australian Dollar. Next week is also NFP week so it will definitely be interesting to see what the US Economy looks like thus far. We will regroup on Monday for another free live trading session. As always, be safe and trade responsibly.
Check Out Yesterday’s Blog Post: January 30th, 2020
