In today’s live trading session, we did a recap of the trades that were taken this week along with analysis for trades to take next week. We have continued our high accuracy trading this week as out of the seven trades called, only one resulted in a loss.
Since the FOMC press conference was in the middle of the week, we had to be very selective about the trades we took prior to the event. We started off the week with a short for EURNZD, which result in a quick +45 pips. Then our Gold trade, which became active during the London session, surged to the upside for a potential gain of up to +150 pips. Another big winner was USDCHF, which was entered right before the FOMC statement. This trade went as deep as +85 pips into profit. We then finished off the week with shorts for NZDJPY and AUDJPY which led to a combined gain of up to +120 pips.
For the rest of the session, we completed technical analysis and determined several trades to take next week. They all have one thing in common, a bullish bias for the US Dollar. That may surprise some traders, but if you take a look at EURUSD, NZDUSD, AUDUSD, and Gold, you’ll see a bearish reversal already happening. This may all be rooted in the idea that the second wave of Covid-19 is set to occur globally. Despite this, the US has not deterred away from its plans for the further reopening of the economy.
In the past four weeks, we have only had three losing trades. These losses are fairly small in size too. If this unprecedented time in trading has taught you anything, it should be that discipline and high probable setups are the way to go. We hope everyone is using this extra downtime to perfect their trading and make leaps in the goal of achieving financial freedom. Have a great weekend everyone!
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