Welcome to another live trading session. In today’s trading session, we went over the current fundamental events affecting the Forex market as well as trade setups for this week.
The number of people infected and dying from Coronavirus has increased every single day. Health officials believe we are due for a surge of more cases as the incubation period of those that fled Wuhan ends today. Earlier this morning, the United Kingdom had four more people diagnosed with the virus. The markets recovered slightly last week, but those recent gains may be gone by the end of the week. This is why we have a bearish bias for the Pound this week.
In today’s session, we were able to find trade setups for EURUSD, NZDUSD, and NZDCAD. Since the entry was available during the session, we entered the trade live. We are currently waiting for NZDUSD and NZDCAD to give us another entry short. We shorted both pairs last week with a total gain of +110 pips. We do expect further downside, all that is required at the moment is patience.
This week contains several fundamental releases, mainly monetary policy and inflation data. We should expect a rocky midweek. Thankfully, our price action trading strategy usually has us on par with the fundamentals. With that being said, I will see you all tomorrow for another live trading session. As always, be safe and trade responsibly!
Check Out Friday’s Blog Post: February 7th, 2020