In today’s live trading session, we went over the status of our current trades, the ADP release and setups to take for the rest of the week.
During yesterday’s live session, we looked at several potential setups to trade. Only one however, satisfied our entry criteria and was entered. That trade was a short for EURJPY. We did a complete top-down analysis of this pair to showcase why the bias was bearish and why we choose to enter at a specific price point. This trade ended up playing out perfectly with a gain of up to +85 pips.
Early this morning, the US Economy printed its ADP numbers which represent the amount of jobs added to the economy excluding farming and government sectors. The release printed better than expected numbers and provided the US Dollar modest strength during the New York session. Could this report be signs of the US Economy rebounding?
For the remainder of the session, we searched for trade setups to enter to finish off the week. We found a potential long setup for EURUSD which could take the pair back to 1.0900. The setup is pending as we are waiting for price action confirmation. This trade also assumes that the NFP numbers printed this Friday are bearish as expected. The pending setups from yesterday are still an option to enter as well. Later today during the London session, the Bank of England will announce their interest rates. We will discuss their decision and more during tomorrow’s Forex webinar. As always, be safe and trade responsibly.
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