In today’s live trading session, we went over the trades that were taken as well as the ones that weren’t, and then we determined setups for next week.
Similar to the past few weeks, the market conditions have been ranging and choppy. We are seeing a lot less swing type trade setups and more erratic pullbacks. These type of conditions often favor scalpers and intraday traders. This week, we took 4 intraday trades, where 3 were winners totaling +75 pips and one was a loss of -12 pips. We had to make some adjustments to our strategy, but unlike a LOT of traders, we ended the week in profit. Our winning trades were for EURUSD, EURJPY, and EURCAD. Normally these individual setups would have a higher return in pips, but not in these market conditions.
For the rest of the session, we focused on EURUSD as that is the pair everyone is watching. After a minor rally on Tuesday, the pair has found itself capped by the 1.14500 resistance level. Despite the DXY falling to new monthly lows, the Euro was unable to really take advantage and move up. Next week, we hope EURUSD finally breaks through this key resistance in order to activate our longs. The same goes for EURJPY, which has yet to breach its resistance at 122.550.
Now, nobody knows when the current market sentiment will pass, but we have a good idea when. Once the US Dollar technically AND fundamentally has a clear bias, then the markets will be back in shape. The issue is that no one knows when the US Dollar will get its act together, but we believe it is soon! We hope you all have a great weekend.
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