In today’s live trading session, we went over the trades we took this week, and then we went over trade ideas for EURUSD, GBPUSD, and CADJPY that we could take next week.
Much of this week was spent on deciding where the DXY was headed, to not much of our surprise, it really wasn’t going anywhere until this morning. This resulted in many of our pending trade setups for EURUSD and GBPUSD to be left pending. This was an annoyance, but we had to adjust and shift our focus to the minor currency pairs. We were able to make a small profit from our trades for EURNZD, NZDCAD, and CADJPY.
This morning the DXY had finally dropped like predicted at the start of the week, too bad for us as we do not enter trades on Friday so we will have to wait for next Monday. The weakness in the DXY supports our long trade ideas for EURUSD and GBPUSD. We also had positive CAD unemployment data today, which has given us further confirmation about our long trade setup for CADJPY. We will look to reenter this trade next week as well.
As traders, we can only worry and control the things that we can control. When the DXY is indecisive and it isn’t trending, we have to realize that the markets will naturally move in the same way. All we can do as disciplined traders is to be patient and to be adaptive. We hope you all have a great thanksgiving weekend!