In today’s live trading session, we went over the setups discussed on Friday as well as new setups that we can enter this week. In particular, a short for USDCHF and NZDJPY has piqued our interest.
On our Discord last Friday, our members asked RP Forex for analysis on certain pairs. As always, RP Forex delivered. There were two setups in particular, that became activated and eventually led to profits. The first setup was a short for USDJPY. All this trade required was a 4hr bearish closure below 108.200 to enter. After the pair had made this closure, it fell over +120 pips. The other setup was a long for GBPUSD. The entry for this trade was simple. All we needed was a 4hr bullish closure above 1.25000. After a few attempts, this closure was presented and a +130 pip move to the upside was made.
Tomorrow we have some major fundamental releases in the early morning. The most important release is the core retail sales for the US. This should be a bearish result and thus cause weakness in USDCHF. As the safe-haven swiss-franc gains on other pairs, it should gain on the US Dollar substantially. Additionally, we have a short bias for NZDJPY. We believe the bull run for the New Zealand Dollar will be cut short as the pandemic continues to worsen.
As this week is a four-day trading week, we need to be careful with the trades we take. We don’t want to be in drawdown or in trades for too long of a period. We will focus on getting the best entry and being conservative in our expectations. We have some major news sprinkled in this week which should have an impact on overall market movement. But relatively speaking, the trading conditions are perfect. As always, be safe and trade responsibly!
Watch the full recorded live webinar in the Forex Trading Room Portal
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Read yesterday’s article: Profit Recap (+400 Pips) + Next Week Market Insight
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