Welcome to another live trading session. In today’s trading session, we went over the current status of our trades and trades that we can take before the end of the week.
In yesterday’s session, we found a long setup for GBPAUD which could take us to 1.97000. The analysis was based on GBPAUD coming off our daily support and the fact that the Australian Dollar is heavily affected by the Coronavirus. Later during the London session, our entry was confirmed after a bullish hammer was printed on the 4hr timeframe. The trade is currently up +180 pips.
In today’s session, we found setups for XAUUSD (Gold) and US Oil. For XAUUSD, we are waiting for a bullish closure above 1663.75 to take us all the way to 1685. We have a long term target of 1800 for XAUUSD which is still on the table, especially as the Coronavirus continues to worsen. We then found a short trade for US Oil. The last time we shorted US Oil we had almost hit our second take profit before our partial position was taken out at entry. We hope and expect that this time around, we meet our final target of 44.21.
Tomorrow is the Non-Farm Payroll release for the US economy and this event will be a major market mover. It will be ideal for all traders to be out of all trades before the release, or at least have their stop loss moved to entry/profit. We have made decent profits this week, and hopefully, the trades we took today can bring us that last bit before the week ends. As always, be safe and trade responsibly.
Check Yesterday’s Blog Post: March 4th, 2020
