Welcome to another live trading session. In today’s live session, we went over the increasing chance of a global recession and which trades we could enter this week.
Over the weekend, Goldman Sachs officially declared a bear market. They predict that stocks could plunge an extra 20%. This is the closest we have been to a global recession in a long time. Over the weekend, we had several thousand more Coronavirus cases and deaths. A vaccine has been tested in Seattle today, but it’s effectiveness and availability to the public has yet to be determined.
In today’s session, we took a look at a handful of the major currency pairs and have determined that the US Dollar is bullish. Across the board, we see many short trade setups, with favorable setups for XAUUSD (Gold), GBPUSD and EURUSD. We are waiting for key closures on the 4hr timeframe before taking any of these setups.
The current market sentiment is bearish and therefore, we will be mainly looking to sell. Over the next few days, we will be given more information on potential quarantines and lockdowns. As traders, we should expect unpredictable volatility and try our best to minimize our risk exposure. As always, be safe and trade responsibly.
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Check Friday’s Blog Post: March 12th, 2020
