In today’s live trading session, we went over the profits made from the trades that were placed yesterday. We then spent the rest of the session looking at a potential setup for US Oil.
During yesterday’s live session, we found trade setups for XAUUSD (Gold) and EURJPY. We spotted a long for Gold as the pair closed above the 1650 psychological level. This trade was entered and we had a +210 pip move to the upside as Gold hit the 1675 psychological level. We had a similar story with EURJPY as the pair jumped +85 pips to the upside once we got our 4hr bullish closure.
As the Organization of the Petroleum Exporting Countries (OPEC) meeting has been moved to this Thursday, we have decided to potentially enter short on US Oil. This meeting was pushed as Russia and the Kingdom of Saudi Arabia continue to exchange blows in their dispute. The technical analysis is indicating a short, however, US Oil can rise if the OPEC decided to cut production.
We are off to a great start to the week so we can afford to sit back and observe the markets for the next best trade setup. We should have some of our pending setups come around later during the London session. We also have FOMC meeting minutes tomorrow which should definitely be interesting given the current pandemic. Are more rate cuts on the way? Tune into tomorrow’s session to find out!
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Read yesterday’s article: Market Fears Retreat? MUST Trade Setups This Week
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