In today’s live trading session, we went over the trades we took this week. We then completed technical analysis to determine viable trade setups for next week.
This week was another great week for us in the Forex Trading Room. We took four trades, three were winners and one was a loss. Our trades for the week were a sell for GBPUSD (2X), a sell for USDCHF, and a sell for EURGBP. Our biggest winning trade was roughly +88 pips. Our biggest losing trade was -54 pips. Therefore, this week resulted in up to +150 pips for members.
For the rest of the session, we focused our attention on trades to take next week. We are looking to reenter short next week for GBPUSD as we believe further downside is likely. The US Dollar Index seems to be in the mood to clear this week’s high and as a result, achieve our short-term target of 93.90. This should present weakness in the major currency pairs and possible setups to take.
We have figured out how to trade these choppy market conditions and this has resulted in an 85% win rate for the past four weeks. Remember, the Forex markets do not owe us anything. Therefore, it is imperative that we secure what we can from the markets and minimize greed. We hope you all have a great weekend!
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