In today’s live trading session, we went over the trades we took this week that led to a potential gain of up to +370 pips. We then completed technical and fundamental analysis for various pairs to determine what kind of setups could be taken next week.
As Monday was memorial day, the trading week technically began on Tuesday. On Tuesday morning, the Forex markets provided 4 intraday setups for our members. Three were winners and one was a loss. We then had a gift from XAUUSD (Gold) as it had finally broken the support at 1709 and fell to our target of 1692. Depending on if you went 50% of your regular position or not, this trade resulted in anywhere from 95 to 180 pips. This move was then followed by our EURCAD long setup which was instructed to enter once a simple 4hr closure was observed. This trade led to a potential gain of up to +110 pips.
We mainly focused on the US Dollar for the rest of the session as both Fed Jerome Powell and Donald Trump were scheduled to address the nation today. We had some decent looking setups for the majors that were set to go, but negative US fundamentals have put a hold on them for now. Based on increased tension between the US and China, we presume a weaker and more volatile US Dollar moving forward. As a result, we seek to long EURUSD and XAUUSD (Gold) next week.
As if a pandemic wasn’t enough, we now have a cold war brewing between the US and China. We could see trading conditions worsen in the coming weeks until a resolve if any is made. Luckily we have been down this road before, sort of. We have dealt with the US and China trade war last year and it wasn’t too bad. We actually had some really great months. We’ll know first hand what trading during a trade war and a pandemic may feel like. We hope you all have a great weekend!
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