Welcome to another live trading session. In today’s session, we went over the setups we took this week and which setups we will carry over into next week. Although fundamentals made this week a lot harder than it needed to be, we were still able to end the week in profit.
Read: The effect of US & Iran Escalation on the Forex Market
We spent the majority of the week going long on the US Dollar. We did this by selling EURUSD and NZDUSD. We were able to accumulate an approximate profit of +120 pips. We then briefly, went short against the US Dollar. We did this by selling USDJPY and USDCHF. We had USDJPY attempt to go lower before the signing of the trade deal pushed price back up to our stop loss. This caused a loss of -55 pips. However, our USDCHF trade ended up dropping +84 pips which helped offset the previous loss.
Read: What made the US Dollar Weak in 2019?
We will be continuing to hold EURUSD and NZDUSD as we believe these pairs have tremendous downside potential. We also have AUDUSD and GBPUSD setting up for a sell-off as well. We expect both these two to be ready to enter next week on Monday.
The second trading week of 2020 has come to an end, and boy, was it an exciting one. We almost had another world war, a trade deal finally signed with China and the continuation of Trump’s impeachment process. Luckily for us, next week has more economical fundamental releases than political. With that being said, I will see you all on Monday for another live session. Have a great weekend!
Check Out Yesterday’s Blog Post: January 16th, 2020
