In today’s live trading session, we went over the trades taken this week that led to +225 pips. We then spent the rest of the session looking for trade setups to take next week. There are two setups that have piqued our interest for next week, a possible short for XAUUSD (Gold) and an intraday long for USDJPY.
After having a 16 trade winning streak, we were due for a week like this. This week was still a decent trading week, but a lot of consolidation and unpredictability caused it to be less than ideal to trade. We started the week off with a bang with winning trades for USDJPY and NZDJPY which combined for +200 pips. This was compounded by our potential GBPUSD long which shot up for another +!05 pips. We then entered a long for EURUSD which, unfortunately, hit our stop loss of -54 pips. We then entered short for GBPUSD, but after conflicting price action on the smaller time frame, we cut our losses short at -23 pips. Thank god we did, as the pair went +95 pips to the upside afterward.
There is at least one major fundamental release occurring every day of next week. In addition to the current Coronavirus pandemic occurring, the markets are going to be extremely volatile next week. We love volatility, as its always in your favor when you trade with it. The only way to trade with volatility? Is to trade WITH the trend! A short for XAUUSD (Gold) is one of those trades that can benefit from this volatility. If we get a valid entry, we can see the precious metal go as low as 1650. We also spotted an intraday long for USDJPY, which can be taken Monday if the current daily support holds.
A four-day trading week really does go by quickly! We made some great progress in our Forex Trading Room as we were able to cover some key topics in trader psychology. Mastering a strategy is only half the battle, mastering the mind that carries out the strategy is the other. We never get too high or low, preserving our even-keel attitude. Next week should definitely present some great trading opportunities so let us make the best of it. Until then, have a great weekend and be safe.
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