Welcome to another live Forex trading webinar. Today, we went over our profitable trade setup for EURUSD and then found potential trade setups for USDCAD and USDJPY. We then spent some time discussing the implications of tomorrow’s Non-Farm Payroll release on the US Dollar, and consequently our EURUSD and USDJPY trades.
Our first trade of the year was a short on EURUSD which was analyzed and taken on Monday’s session. The trade is currently up +50 pips and counting. From a technical analysis standpoint, we do expect further downside for the pair. Ideally, we want to be out of the trade before tomorrow’s Non-Farm Payroll release.
In today’s session, we applied technical analysis to USDCAD and USDJPY. We were able to find setups for both pairs. For USDCAD, we were able to determine a bullish bias because the pair has reacted strongly to monthly support at 1.31000. For USDJPY, we determined a bearish bias as the pair is resting at strong daily resistance at 109.500. All setups are pending entry, if our entry criteria is validated, a signal will be sent in RP Forex’s Telegram channel.
Amid the US and Iran chaos this week, we were still able to find a winning setup in EURUSD. We also have Non-farm Payroll Release tomorrow, so we do have to take caution of that. With all that being said, our first trading week of 2020 was great. We have almost twelve more months left in the year to trade, so there is no need to rush. The same risk management principles we used last year, will be incorporated this year. Next week should definitely be more eventful for us as we already have a few setups to enter. I will see you all tomorrow for another live trading session. As always, be safe and trade responsibly!
Check Out Yesterday’s Blog Post: January 9th, 2020