In today’s live trading session, we went over the trades we took this week to make up to +240 pips in profit. We then focused on trades that we could take next week. We found some great setups for the major currency pairs, in particular GPBUSD, AUDUSD, and NZDUSD.
As this week was Non-Farm Payroll week, much of the markets were consolidated till Wednesday. We were able to start the week off with a great short trade for XAUUSD (Gold). The precious metal dropped as far as +280 pips and had netted some trades a gain of up to +140 pips. We then had a similar 4hr setup for EURUSD. After a bearish closure on the 4hr timeframe, the Euro dropped a further +120 pips. The strange reactions to bearish US fundamental news definitely helped facilitate these moves!
We spent the rest of the session going over trade setups for next week. As the US Dollar is gaining momentum, much of our setups next will be predicated on shorting the majors. In particular, GBPUSD has a great short trade setup. This pair has crushed two previous daily and 4hr supports. We also see AUDUSD lining up to provide an entry as soon as Sunday’s market open. As NZDUSD mirrors AUDUSD quite well, this could be another trade we can potentially enter next week.
This week was not up to our usual standards, but we took what the market gave us and made the best of it. The lack of volume at the start of the week, really left a lot of our pending setups, pending. That’s fine, this shows that we are a disciplined group of traders. As discussed during the session, rushed entries into trades does nothing but cause stress and loss of capital. Next week is looking incredible. Seriously, the markets are set up perfectly! We can’t wait to tackle next week. Till then, enjoy your weekend and be safe!
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Read yesterday’s article: US New Record For UE Claims. BUT US Dollar Is Unbothered?!
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