Welcome to another live trading trade session. In today’s session, we went over the trades that we took this week that led us to +400 pips of profit. We then discussed potential setups for next week.
This week we took eight trades in total. Our biggest winning trade was EURAUD which provided +110 pips. Our only loss was for GBPJPY at -40 pips. During the midweek we decided to short the Australian Dollar, mainly AUDJPY and AUDUSD. Both trades were analyzed during our live session where our simple entry criteria was explained. After RBA Governor Lowe’s speech, we had an entry on both trades. In total, both trades provided a gain of +120 pips.
During today’s session, we determined that there was more downside to be expected for AUDJPY, NZDCAD, and NZDUSD next week. We have already taken our profits for these trades, and are eyeing a reentry on Monday. We believe the Australian Dollar will continue to struggle as the cases for the Coronavirus continue to grow. Therefore, next week, we will once look to sell the Australian and New Zealand Dollar.
These past few weeks have great, as we have been averaging +350 pips on 85% accuracy. This is all due to our patience and dedication to our trading strategy. It may get tiresome and frustrating to wait for setups to develop, but implementing this patience is what results in our high accuracy and low drawdown trades. Next week should be a great week to trade, as the Non-Farm Payroll release has provided further confirmation to our bullish bias for the US Dollar. I hope you all have a great weekend and enjoy your profits responsibly! We will regroup on Monday for our FREE live trading session.
Check Out Yesterday’s Blog Post: February 6th, 2020