In today’s live trading session, we went over the profits made from our EURUSD trade, and then we discussed the possibility of shorting the other majors.
Since last week, we have had a bearish bias for many of the majors, including EURUSD. Shortly after yesterday’s live session, we received confirmation on the four-hour time frame about our bearish bias. The trade was called and later during the London session, EURUSD hit our first target of +33 pips. We expect a similar downside move for GBPUSD and NZDUSD once we get price action confirmation to enter.
For the rest of the session, we analyzed several minors, most of which pertain to the Pound. GBPJPY appears to have presented a similar short setup as to the one discovered last week. All we are waiting for is price to clear the previous low that was made last week. This should confirm that the downtrend is still intact. On the flip side, we see a potential long for EURGBP. This pair has created a defined uptrend which no signs of slowing down. Once we clear yesterday’s high, our traders will enter long with a setup of a risk-to-reward ratio of 1:6.
The midweek tends to bring in a surge of volatility which would do us a great favor as we have several setups pending entry. We have noticed that 6-7 trades per week are our sweet spot and we look to be well on our way there. The rest of the week has medium impact news for the USD and nothing else, therefore it should be smooth sailing till Friday’s market close. As always, be safe and trade responsibly!
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