Welcome to another live trading webinar. In today’s session, we went over our profits for GBPJPY, USDCHF, and NZDUSD. We also went over our losing trades in USDJPY and XAUUSD to see exactly what happened.
Yesterday we decided to take a short on GBPJPY after applying technical analysis. The pair had just printed a shooting star at daily resistance and was giving clear signs of a sell-off. The pair ended up dropping +57 pips before taking out our partial position at entry. We are still holding our NZDUSD and USDCHF trades from earlier in the week and both trades are currently up +85 pips. As they are swing trades, we expect further downside in the coming days.
Unfortunately, USDJPY has hit our stop loss. The trade was analyzed and was taken during the latter part of last week. We saw bearish confirmation on Sunday’s daily closure, but conflicting fundamentals ultimately led the trade to go against us. We are currently holding a swing short position on XAUUSD (Gold). We are in some drawdown which can be attributed to conflicting fundamentals. We do expect tomorrow’s US Core Retail sales to drive the precious metal to new lows. The following trades are trades we would’ve and have taken last year, so to be consistent with our strategy, these trades were taken.
As we hit the halfway point of the trading week, we expect the movement to increase within the markets. Tomorrow’s US Core Retail sales will definitely introduce volatility and projection for the US Dollar. Among tensions with Iran and signing phase one of the trade deal, the US Dollar was taken for a ride this week. Better than expected sales data can put us back on track for continued US Dollar strength in 2020. With that being said, I will see you all tomorrow live session. As always, be safe and trade responsibly!
Check Out Yesterday’s Blog Post: January 14th, 2020
