In today’s live trading session, we went over the status of the trades discussed in yesterday’s session. We then looked for new setups to enter, in particular a short for US Oil and a short for XAUUSD (Gold).
As expected, the markets were moving at a crawl on Memorial Day. The volatility has picked up substantially today and some major moves have already played out. Many of the majors have gained on the US Dollar, except for Gold. The US Dollar has kept the precious metal in check. We are looking to short Gold once we breach the previous low made during the New York session. Most of the setups discussed yesterday are still pending or have been invalidated as the majors went on a tear against the US Dollar.
Today, we noticed that along with Gold, US Oil has remained fairly in check by the US Dollar. We decided to take a short for this commodity during our session and the setup is looking good as of right now. We should approach target 1 by the end of the day. We are also seeking to enter long for AUDCHF and short for EURAUD. Once an entry has been found, we will send the signal on both Discord and Telegram.
We have a few setups entered in the Forex Trading Room and now all we have to do is let them play out. We will be sure to secure profits as we do have the RBNZ meeting later today and Trump addressing the nation every day in regards to Covid-19. We have had to alter our strategy and risk management protocol during this weird time, but it seems to be working. We hope you all are well and safe. As always, trade responsibly.
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