In today’s live session, we talked about the status of the four trades that were taken yesterday. We then went over trade setups for GBPJPY and AUDJPY.
During yesterday’s session, we went over several trades to take. After some consideration, we settled on EURGBP, EURAUD, USDCAD, and US Oil. EURAUD, USDCAD, and US Oil combined for a minimum of +75 pips. EURGBP had hit our stop loss of -39 pips. In today’s session, a closer look at EURGBP showed that this trade technically should have not been entered. Regardless, each loss is a lesson and should never hold heavy on your head.
For the rest of the session, we tried to digest the major moves that occurred earlier in the London session. Almost all of the Euro and Pound pairs have reacted to the European Union’s new 750 billion stimulus package in response to Covid-19. In light of this news, we have seen the Euro rise substanially and conversely the Pound fell. A setup of interest is a short for GBPJPY. This pair has made its way back into its previous 4-hour trading range. The same setup can be seen for AUDJPY. All we need to do now is wait for our entry criteria to be met.
Considering that Monday was a holiday, this trading week is halfway over. As previously mentioned, the current market conditions are unique and unprecedented. Due to everchanging uncertainty, we are observing less ‘cleaner’ moves in the market. Like poker, you do the best with the hand you’re dealt with. As always, be safe and trade responsibly!
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