Welcome to another live trading session. In today’s trading session, we went over the trades we took yesterday, as well as four trades that we can take for the rest of the week.
During the London session, RP Forex called two signals on Telegram. The first one was a short trade on EURAUD. The trade was entered after our price action strategy was confirmed on the 4HR time frame. The pair ended up dropping +110 pips to our final take profit level within four hours. The other trade was a short trade on GBPJPY. The trade was entered prematurely and thus caused our stop loss to be hit at -40 pips.
In today’s session, we found potential trade setups for AUDJPY, EURAUD, US Oil and XAUUSD (Gold). These setups are pending as we wait for either technical or fundamental confirmation to enter. The setup that is currently the most promising is AUDJPY. The pair has recently rejected a major resistance level on the 4HR time frame. We are waiting for the previous swing low to be taken out before we enter short.
As tomorrow’s fundamental schedule is fairly clear, we should expect some nice trading conditions to hold our current trades. There also may be some consolidation, as the markets await the Non-Farm Payroll Release on Friday. In tomorrow’s trading session we will try to identify trade setups that we can take minutes before the NFP release, in hopes of making a few quick pips. With that being said, I will see you all tomorrow for another live trading session. As always, be safe and trade responsibly.
Check Out Yesterday’s Blog Post: February 4th, 2020