Welcome to another live trading session. In today’s trading session, we went over the current status of our trades and trades that we can take later this week.
During yesterday’s session, we took a look at US Oil and noticed the potential to short the commodity back down to 44.500. We saw on the hourly timeframe that we had a head and shoulders pattern, and therefore we were waiting for a break of the neckline to enter short. Once that break occurred, the signal was called and the commodity dropped to our second take profit and bringing a total of +75 pips. Since then, our partial position was stopped out at entry.
In today’s session, we found setups for XAUUSD (Gold) and CADJPY. We currently have a mixed bias for XAUUSD as it has paused its bull rally from Powell’s speech yesterday. We are currently waiting for a break of resistance or support to determine where the precious metal is headed. We then took a look at CADJPY and determined a bearish bias. We are eyeing an entry shortly, but first, we need a bearish closure below our daily support to confirm our bias.
This trading week has been fairly slow as we are currently waiting for GBPJPY to continue its move to the downside. The current Coronavirus, the cutting of interest rates and Friday’s Non-Farm Payroll release has caused bouts of indecision in the markets. We have made some profit this week, but nothing close to what we are accustomed to. We hope that the volume in the markets picks up over the next few hours and results in a few more winning trades. As always, be safe and trade responsibly.
Check Yesterday’s Blog Post: March 3rd, 2020
