In today’s live trading session, we went over the trades we took this week, as well as setups to trade next week. Although this week wasn’t anywhere close to our normal standards, we learned valuable lessons that can only be learned during times like this.
This week we took a short for GBJPY after it had made a significant push past daily support after talks between the European Union and the United Kingdom failed to make any progress. Despite this, GBPJPY made a deep retrace and stopped us out at -95 pips. This trade then moved back near our entry and consolidated for the rest of the week. We responded to this losing trade with a long for XAUUSD (Gold). Our entry was near 1707 and the precious metal went as high as 1737.
The rest of the session we looked for trades to take next week. We found two promising setups that can make next week a bounce-back week. The first setup is a short for GBPCHF. This pair had a significant sell-off at the start of the week, but since then, it has stalled at hourly support. If we were to breach his support next week, we should have the continuation of the original sell-off. A similar line of thinking was applied to USDCHF which revealed a short setup as well.
We started April off with a bang as we had a 16-trade winning streak. This week was mainly fundamentally driven and so it was no surprise that our “luck” ran out this week. But, thankfully, we teach our traders’ risk management and trader psychology. A week like this is normal and can be expected, all that matters is what happens next week. Keep that bull mentality, always! We hope you are all safe and have a great weekend.
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