In today’s live trading session, we went over the profits made from our XAUUSD (Gold) trade that was analyzed in yesterday’s session. We then went over potential trade setups for USDJPY and EURUSD.
During yesterday’s live Forex webinar, we discussed the possibility of shorting XAUUSD (Gold). This short trade would only be taken if we get a 4hr bearish closure below support. We were able to get that closure later in the day and had XAUUSD drop as far as +280 pips. With 50% of our regular position size, some traders could have made up to +140 pips on this one single trade.
Today we discussed the bullish ADP Employment numbers and manufacturing data for the US Economy. Both results came out better than expected, which brought strength to the US Dollar during the New York session. We seek to take advantage of that strength by potentially shorting EURUSD. However, we do need our entry criteria to be confirmed before doing so. We also see a potential short for USDJPY, which could be available to enter within the next few hours.
As expected, the Non-Farm Payroll week is off to a slow start. But as noted from early this morning, the volatility is picking up. We should see a handful of our pending setups from earlier in the week become activated. Until then, we should all stay patient and disciplined. We have made a nice gain on XAUUSD, the worst thing to do now is to give the gains back to the markets. With that being said, I will see you all tomorrow for another live trading session! As always, be safe and trade responsibly!
Watch the full recorded live webinar in the Forex Trading Room Portal
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Read yesterday’s article: NFP Market Predictions and Trade Setups
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