Welcome to another live trading session. In today’s session, we went over the current status of the trades discussed in yesterday’s session. We are observing consolidation in the markets as this week is filled with Monteray Policy statements for many major currencies.
Read: Why interest rates are so important to a currency?
In yesterday’s session, we discussed pending setups for EURUSD, AUDUSD, and NZDUSD. Twenty-four hours later, these setups are still pending. Our fairly strict, but simple, entry criteria has yet to be confirmed for these trades. We expect these setups to become activated once the European Central Bank announces it’s monetary policy on Thursday.
During the London session, our EURJPY short trade idea became activated. The trade is currently in profit, and we expect further downside as the Bank of Japan has decided to keep their interest rate at -0.1%. This short trade idea is almost identical to the one taken last week, we expect this time around that the end result will be different.
From Wednesday onward, the Forex market will be susceptible to a wide range of fundamental releases. For example, tomorrow we have the Canadian CPI and Monetary policy report being released. This means that we should all take extra precautions with our trades during this time. If required, RP Forex will provide instructions on closing trades early on his Telegram. With that being said, we will see you all tomorrow for another live trading session. As always, be safe and trade responsibly.
Check Out Yesterday’s Blog Post: January 20th, 2020
