In today’s live trading session, we went over the status of our GBPJPY trade that was taken yesterday. We then spent the rest of the session discussing why we went long for XAUUSD (Gold).
During yesterday’s live session, we did technical and fundamental analysis for GBPJPY. We determined a short bias and entered short. We entered some initial drawdown and were in the process of rejecting the previous support that was broken. That rejection was cut short as GBP’s fundamental news came out better than expected across the board. This led to GBP reaching new highs for the day and thus stopping us out at -100 pips.
Thankfully, risk management exists. This trade only led to a loss of 1-2%. This morning RP Forex called a buy for Gold, which is currently up +75 pips with more upside expected. This trade is based on Gold rejecting the 1700 psychological support as well as COVID-19 fuelling the demand for safe-havens.
Forex is a game of runs. Enter each trade with the same amount of confidence, regardless of the previous trade. We have been on a monstrous run these past couple weeks, and in these market conditions, we were due for a down week. But not all is lost, we still have the other half of the trading week left to trade. Time to gain momentum. As always, be safe and trade responsibly!
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