Welcome to another live trading session. Today, we went over the current status of our EURJPY and AUDJPY trades and then we went over some price action analysis for the minor currency pairs.
Yesterday, we did a full price action analysis of AUDJPY. We entered the trade as soon our entry criteria was met. We had a significant push down as soon as we entered due to the lackluster employment data from Australia. We had a +80 pip drop on the pair and we expect further downside. We expect EURJPY to continue it’s downtrend as well.
During the midst of the session, we took a look at some of the minor currency pairs. After looking at a few, we have found a possible long setup on EURAUD. We are currently waiting for the next hourly closure to confirm our long bias. The setup has a 2:1 risk-to-reward ratio and it would be great trade to take to close out the trading week.
This week has been phenomenal as we are currently up +225 pips profit and counting. We once again had ZERO losing trades. We have U.S. Core Retails Sales released tomorrow morning, so if a trade opportunity presents itself, we will be sure to share it on our Telegram.
We finished the session off speaking about the importance of Risk Management and setting the right expectations as a trader. For the average person (in Canada) to make a decent living from day trading in the Forex market, being able to pay off monthly living expenses such as food, shelter, and entertainment, etc., one should be trading with a minimum of $10,000 in their trading account. However, there’s nothing wrong with trading a smaller account if you are looking to practice and gain experience, or make some extra pocket money. Setting realistic expectations are really important so you are not chasing trades and expecting unrealistic returns. To watch the full segment, join our Trading Room. Our videos are released to all free members one week after they stream live. That’s all for today. Be great, traders!
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Check Out Friday’s Live Session Recap: Novemeber 13th, 2019
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