In today’s live trading session, we went over the trades we took this week as well trade setups we can take next week.
NFP week could be slow or fast, this week was rather slow but profitable. We started the week off with a short trade for GBPAUD. This trade dropped a total of +50 pips before reverting back to entry. Later in the week, while waiting for reentry the pair ended up melting to our third take profit. We also had a simple textbook setup for EURJPY, which played out for a total gain of +80 pips. We did have a losing trade, and that was for NZDUSD. It was a -35 pip loss, which happened shortly after the 5 PM market close.
As we have gotten a good deal of fundamentals out of the way, we should see a more active market next week. Based on our technical analysis of GBPAUD, GBPUSD and GBPCAD, we have a long bias for the Pound. Therefore, this Monday we will be sure to seek entries for these setups. We have also determined a mixed bias for Gold. The precious metal could either make a trip back to 1736 or down to 1692 depending on how price action looks on Monday.
We had many pending setups end up going in our favor, but discipline is key. The feeling of missing out on a trade needs to be removed from your psyche. As a trader, you need to be emotionless and think of the bigger picture. Discipline to your trading strategy will save you 9 times out of 10. Sure you may miss out on a trade opportunity, so what? The Forex market provides endless opportunities week after week. Besides, would you like to lose $100 in the search for $50? Probably not. It is a marathon, not a sprint. Gains of any size are a positive sign. 95% of traders aren’t profitable, therefore 95% of traders did not make any money this week. If you did, you are apart of the select 5%. Be proud. We hope you all have a great weekend.
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