In today’s live Forex trading session, we went over the trades we took this week to make +300 pips of profit. We then performed technical analysis to find potential trade setups for next week.
This week started off slow and underwhelming as our first trade was a loss of -72 pips. The unexpected volatility kicked in and unfortunately it wasn’t in our favor. It’s about how you finish the race, remember? We then had two back to back winning trades in EURAUD and NZDJPY. Both trades were based on a simple 4hr closure below and above key levels, respectively. These two trades brought in a modest +210 pips.
During the midweek we found setups for USDCAD and EURUSD. Both trades looked very promising from the higher timeframes. In particular, we took a short for USDCAD and a long for EURUSD. Both trades played out perfectly. The confirmation on the higher timeframes was so great, that we entered both trades again on Thursday. In total, both trade entries brought a combined gain of +265 pips.
We covered a handful of potential trade setups for next week. Our task is to find the most probable trade during Monday’s live session. A setup that seems promising is a long on GBPJPY. After breaking support at 133.000, the pair has been printing numerous hammers indicating another leg up. We are expecting an entry as soon as Monday morning. Additionally, we saw similar price action for GBPUSD that indicates a move up as well.
The current situation with the Coronavirus is not something to be taken lightly. For example, today PM Boris Johnson announced that he tested positive for the Coronavirus. As expected, this pandemic is here to stay. This is the new norm. We should expect and prepare for these market conditions to persist for months. Precision and patience will determine who makes a profit during these times and who ends up blowing their account. We have been doing amazing in these conditions and as long as we follow our trading plan this will continue. I hope you guys all have a great weekend and please be safe!
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Read yesterday’s article: EURUSD In Profits As US Prints Historic Unemployment Claims
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