Welcome to another live trading session. In today’s trading session we went over our profits from yesterday’s trades and then we look at a potential long setup for USDCAD.
In yesterday’s live session we did an analysis for US Oil and found that there was a long term swing trade opportunity. The swing trade would take the commodity down all the way to 44.30. We found an entry for the trade during the start of the London session. Since then, the commodity has fallen over +210 pips. We have taken 80% of our profits off the table and now are letting the remaining 20% of our position run to our next set of targets.
We are still holding onto our AUDUSD and AUDJPY swing trades. We have taken some profits off the table, but the technical and fundamental analysis is still valid. We are prepared to hold this trade for the next few weeks if it is required. The US Dollar had beneficial sales data come out today which should drive some US Dollar strength into the market and push the Aussie lower.
This trading week has been mainly swing-oriented and that can be the case from time to time. You take what the market gives and ask for nothing more. We have made a great amount of profit this week, with only one losing trade. The next 36 hours are fairly calm and news free. We should be smooth sailing until Friday’s market closure. As always, be safe and trade responsibly.
Check Out Yesterday’s Blog Post: February 26th, 2020
