Welcome to another live forex trading webinar. Today, we went over the current status of our EURUSD, XAUUSD, and Crude Oil analysis. We also spent time discussing Iran’s ballistic missile attack on US bases in Iraq and how the Forex market reacted.
In yesterday’s forex webinar we used our price action trading strategy to identify a short trade for EURUSD. We were able to enter the trade immediately since our entry criteria was confirmed during the session. We had some initial drawdown due to the attack on US bases, but shortly afterward the trade began to move in our favor. We have hit take profit level 1, and are currently up +35 pips in profit. With stops at break-even and partial profits taken, this trade has now become risk-free.
We also did technical analysis on XAUUSD and Crude Oil during yesterday’s session. Due to the recent tensions between the US and Iran, we elected to only analyze these pairs and not enter them. After the news got out that Iran had carried out missile attacks on US bases, XAUUSD spiked +400 pips to the upside and Crude Oil dropped almost +200 pips. These moves were on par with our analysis for both commodities. Our technical analysis indicated a swing long opportunity for XAUUSD to 1700 and a swing short opportunity for Crude Oil to $55 per barrel.
Today this morning at 11:00 AM EST, Donald Trump addressed the media in regards to the last night’s attacks. To much of our surprise, Trump’s remarks were indicating an effort to deescalate the situation. Trump stated that the United States military and economic prowess will ensure that Iran will not escalate the situation any further. Trump did insist that the United States will impose increased sanctions on Iran in response to the attack. He also indicated that the US Military is currently weighing options before giving a response to Iran. As this has huge implications for the Forex market, it is key for us to minimize our risk exposure as much as we can. We will continue to hold our EURUSD short as we eye for other trade setups to enter. I will see you all tomorrow for another live session. As always, be safe and trade responsibly.
Check Out Yesterday’s Blog Post: January 8th, 2020