Welcome to another live trading webinar. Today, we went over how our first trading week of 2020 went and setups that we can potentially enter next week. Due to recent world political events, our first trading week had less than ideal trading conditions. However, we were still able to make the best of it and end the week in profit.
At the end of 2019, RP Forex had made several bold predictions for the Forex market for 2020. One of his predictions was a long term and short term sell-off for EURUSD. On Tuesday’s session, RP Forex gave everyone the go-ahead to enter the trade. We are currently up +50 pips and counting for that trade. We will hold this trade through the weekend and into next week.
Iran’s retaliation Tuesday night caused a stir in the Forex markets and thankfully, we weren’t all too affected by the event. Our potential trade setups for XAUUSD and GBPUSD were activated by this event, however. We had an initial long bias for Gold, but Tuesday’s attack has put doubt in that belief. We will give price action some time to clean up and reevaluate XAUUSD (Gold) next week.
During Thursday’s live session we did a full price action analysis for USDJPY and found a short trade setup. The trade was entered since the entry criteria was met during the session. Today’s Non-Farm Payroll release was lackluster and helped our trade idea move near entry as we were in some initial drawdown. We will also be holding this trade through the weekend and into next week.
We have trade setups for GBPUSD, GBPJPY, XAUUSD, and AUDUSD that are pending for next week. With the worst of the US and Iran conflict out of the way, we expect ideal trading conditions next week. We should be in for a good one and profits will be back at our +300 pip per week target. I will see you all Monday for another live trading session. Have a great weekend!
Watch The Full Live Session Here:
Check Out Yesterday’s Blog Post: January 9th, 2020