In today’s live trading session, we went over the current status of our pending setups and determined if an entry is imminent. We then spent the rest of the session discussing potential intraday setups for NZDCAD and AUDCAD.
Since the end of last week, we have been patiently waiting for an entry short for EURUSD and GBPUSD. Both pairs have yet to break the previous four-hour low and the upside potential is far riskier than trying to go short with the trend. This lack of concise movement has put many others pairs in a standstill. Early this morning, EURUSD made an honest effort to break our key level, but buyers were able to push the price back above.
In search of our first trade of the week, we decided to turn to some of the minors for opportunities. A look at NZDCAD and AUDCAD indicates that both pairs have been consolidating for the past two weeks. They’re both stuck in a consolidation zone spanning 80 pips. Price has recently bounced from the bottom of the range is on its way back to the top. Once we see a rejection at the top, we will enter short for both trades.
We still have half the week left to trade, so we suspect that trades will start to play out and entries will be made. Patience and discipline will save us from taking unnecessary trades that lead to unnecessary losses. We have over +8 setups that are pending entry, so please be on the lookout for new signals sent on Discord and Telegram. As always, be safe and trade responsibly!
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