In today’s live session we started off by talking about our AUDCHF and GBPJPY sells which brought in around 70 pips. Both setups were explained on why they were taken and what the current outlook for them is. We then spoke about more potential trades to end off the week.
AUDCHF and GBPJPY had similar price action setups, we awaited a clear break of hourly support before entering our shorts. Due to volatility, we were able to snag a decent amount of pips, and now have our stops at entry making them risk free trades. We hope to have AUDCHF continue to play out for us as the week dwindles down.
Yesterday the Fed decided to cut rates to 1.75%. This lead to some momentary weakness in the dollar, which was then followed by strength as Powell was able to reassure everyone that the domestic economy is still flourishing. Today we had the Philly Manufacturing Index come out better than expected, which lead to a stronger dollar for the session.
We decided to sell Gold in light of this news release, and have secured 35 pips within an hour of our signal. We have our stops at entry and hope to have the precious metal fall to our next target at 1492. Amid current dollar strength, we have our eyes on possible EURUSD and GBPUSD shorts as well.
Tomorrow is Friday, and in terms of fundamentals the schedule is pretty clear. This gives a chance to get a setup or two to close the week out. We will see you all for tomorrow’s FREE session at 11:00 AM EST on our Portal. Take care and happy trading!
