In today’s live trading session, we did a recap of how our week went, and then we completed price action analysis to determine trades for next week.
The current market choppiness appears to be here to stay. For this reason, we reduced the volume of trades we have been taking over the course of the past few weeks. We spent a great deal of this week waiting for entry on pairs who for some unknown reason wouldn’t clear previous highs or lows. As we use this for confirmation of trend continuation or reversal, it was very hard to get a valid entry into our trades. From the 12 setups analyzed this week, only four warranted entry. One was a short for EURJPY which ended up hitting our stop loss but eventually came down afterward. We then had winning intraday trades for GBPUSD and AUDJPY. CADJPY was also a great intraday trade for those that got in during the London session.
The bad thing about today was that most of our pending setups like NZDCAD, CADCHF, Gold, and EURAUD are all almost ready to enter. The good thing is, the Forex market will be here come Monday morning. We have had a bearish bias for the Canadian Dollar since the start of the week and our sell for CADJPY showed just why. In addition, Canadian unemployment data that was released today was also lackluster. We will definitely be able to take advantage of the weaker Loonie next week. After Gold has hit 1800, we now have our eyes set in 1850 and then 1900.
It may feel like we are beating a dead horse here, but trust the wealth of experience we have at Forex Lens, and understand that such market conditions rarely last. Like virtually anything in life, there are ups and downs. The key is to minimize the frequency and duration of the downs and to increase the frequency and duration of the ups. With over decades worth of trading experience at Forex Lens, our members are best equipped more than anyone else to get through this. Let’s keep up the good vibes and profits! Have a great weekend.
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