In today’s live trading session, we went over how our trading week went and we then completed analysis to prepare for next week.
This week was fairly quiet in the Forex Trading Room as the markets weren’t providing us entries into our pending setups. For that reason, we officially only entered two trades. Luckily, our selective nature resulted in both trades being winners. We were able to enter two intraday setups for CADJPY and EURUSD. Both intraday trades hit their respective TP’s, resulting in about +60 pips of profit.
As for trade setups to take next week, we have our eyes set on two setups. One is a short for USDJPY and the other is a short for CADJPY. We have a bearish bias for USDJPY because the US Dollar Index is bearish in the long-term, and the pair has breached a major support this week. We are looking to reenter short for CADJPY as price action hints a possible break-retest-rejection being completed on the 4hr timeframe.
The main goal of any form of trading is to make a profit, regardless of how large or small. Recent market conditions, especially this week, have reduced our volume of trades. In light of this, our success rate has gone up considerably. We hope this teaches members to focus on consistent long-term growth instead of instant gratification. We hope you all have a great weekend!
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- Read yesterday’s breakdown: US Dollar Index Touches 93.60 But Bearish Bias Still Remains
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