In today’s live trading session, we went over the trades we took this week, and then we completed analysis to determine trades for next week.
Much of the moves that occurred this week, occurred during the latter part of it as there was no major fundamental news until Friday morning. We started the week off with a short for EURJPY which came inches away (4 pips) to our first take profit, before stopping us out at -44 pips. We then responded back with three winning trades for USDJPY, AUDUSD, and GBPUSD. These trades were based on a simple correlation between the US Dollar Index (DXY) and the technical analysis completed on the majors.
The rest of the session we focused on key setups for next week. We are already in one trade which we will carry over to next week. This trade is a swing short for USDCAD. We are bearish on this pair as the downtrend continues to play out with a weakening US Dollar. We expect this trade to make it’s way lower once Monday rolls around. We also found a great setup for EURNZD. This pair has started a respectable uptrend which can last if we can clear the highs made back in June.
Although we only got entry into 5 trades, the important thing was ending the week in profit. Concluding a week with a positive balance is the goal every trader should strive for. Trading conditions are always changing and your usual returns may see a spike or a drop – but making a profit should be the main goal. We hope you all have a great weekend!
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