Welcome traders to another live trading webinar. In today’s daily live webinar we did a recap of our GBPUSD & GBPJPY trades that were taken earlier in the week and we then took a look at a trade setup for AUDNZD. We then did price action analysis on Gold and EURUSD, which resulted in us having a short bias for both pairs. We then concluded the webinar by talking about ‘How to Plot and Take a Signal.’
Earlier this week we decided to take a short for GBPUSD and GBPJPY. Both setups had similar technical indications pointing to a sell. We are currently sitting at +140 pips and counting for the two trades. During the London session, we took a long on XAUUSD which gave us a quick +29 pips before taking us out at entry. In today’s webinar we discussed how this was a classic fake out and therefore, why we have a pending sell setup on the precious metal.
We concluded the live session by discussing the topic of the day. The topic of the day is ‘How To Plot and Take a Signal’. We used a signal from Vanity as an example. This video is really important as it breaks down how to plot the take profit and stop loss levels of a signal on your charts. Once a signal has been plotted, it is up to you to decide if the signal agrees with your analysis. If your analysis and the signal are indicating the same thing, take the trade. If not, you can always pass and see what happens. We want our signals to be used as tools and not as a copy and paste service.
We expected this week to be slower than what we are used to, and that assumption was correct. Despite this, we are having another solid week with approximately +150 pips made. We still have half of the week left to trade, so we are right on pace to meet our weekly target of +300 pips per week. I will see all the trade room members tomorrow, for another live webinar. Be great, traders!
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