Welcome to another live trading session. Today we went over our EURJPY trade that we took during yesterday’s live session. We also looked at our EURUSD and XAUUSD trades that are currently in profits. We then spent the remainder of the session analyzing the AUDJPY pair and why we believe there is a possible opportunity to sell.
Yesterday, using price action analysis, we spotted a short trade for EURJPY and our analysis worked out as the pair went as low as 57 pips to the downside. Since then, we have moved our stop loss to entry price making the trade risk-free, and we have also taken 50% of our profits off the table at +35 pips. We will continue to hold this trade as we project EURJPY to go as low as 117.720.
On Monday, we had did a live analysis and entry for a short position on XAUUSD Gold. The trade went as deep as +110 pips in profit before reverting back to our entry price. In today’s live session we took another look at the pair and we forecast some near-term upside. Since last Thursday, we have been holding a EURUSD short position and we are slowly making our way down to our final target of 1.09600.
In correlation with our EURJPY short, we have decided to potentially short AUDJPY. The technical analysis for both pairs is fairly similar, with AUDJPY price action lagging behind the EURJPY pair. We will wait for our entry criteria before entering the short position. Will post updates in our Telegram channel.
We are approximately half way there to our weekly pip target of +300 pips with half of the trading week remaining. As the fundamental schedule for the rest of week remains fairly clear, we will be able to identify a few more trade opportunities to trade before the end of the week. Be great, traders! Don’t overtrade.
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