In today’s live trading session, we went over the status of the trades we took yesterday. We then discussed potential trades to take for tomorrow’s ADP release for the US economy.
During yesterday’s live session, we covered a wide range of potential trades to take. Out of the handful of trades we discussed, only two satisfied our entry criteria. The first trade was a long for CADJPY which is currently up +100 pips. The other trade was a short for the exotic EURNOK. This trade is currently up +300 pips with more downside expected. Just before the London session, RP Forex called a buy signal for EURNZD which has hit take profit 1 and went as high as 55 pips before stopping our partial position at entry. Mondays are usually slow, but we are off to a great start.
A setup we are eyeing to enter is US Oil. The previous daily candle closure was a bullish hammer, we are looking to enter long if we see that same price action on the 4hr or daily timeframe. Another setup we are waiting for is a short for USDCAD. This pair has been on a drastic downtrend and has provided us a potential entry on the 4hr timeframe. Due to US Oil and USDCAD having an inverse correlation, this would be a great pairing to enter.
Although its NFP week, many of the minor currency pairs have provided some fantastic early profits for the week. Since it seems to be working, we will continue to look for high probable setups for the minors as the ADP and NFP news release quickly approaches us. We highly recommend all traders move their stops into entry and to secure some profit as things may get volatile during tomorrow morning’s fundamental release. As always, be safe and trade responsibly!
Directory:
- Sign up for a Free Membership.
- Login to watch full recorded webinars in our Forex Trading Room.
- Chat with our traders in the Community Discord Server.
- Read yesterday’s breakdown: Majors Analysis + US in Deep Waters?
- Get the VIP Membership with code FIRST50 at checkout for 50% Off your 1st month
- 14 Day Risk-Free Trial.
