Welcome, to another live Forex trading webinar with RP Forex at Forex Lens. In today’s live session, we went over our current trades from yesterday; GBPJPY and CADJPY, and how to trade trendline breakouts.
Starting the session off, we discussed the Trump impeachment vote that is taking place today to impeach the POTUS and what implications it could have for the US Dollar. It is probable that they will most like vote in favor for the impeachment and have the senate decide if Trump will be removed from office. This whole process will carry over into January 2020, and so we may have a new outlook for the US Dollar heading into the new year. Although, it is hard to judge the implications of Trump being removed from office, it is a common belief that the removal of Trump may cause a weaker US Dollar due to his pro-business attitude.
Our trade setups from yesterday are still pending as we have noticed a lower amount of volume in the markets. We are still waiting for EURUSD and XAUUSD to become valid for entry. Both currency pairs have came fairly close to entry, however, we only enter trades when we are 99% certain. Of course, even then, it does not necessarily mean the markets will move our way. It just means probability is heavily on our side. We then applied our price action trading strategy to CADJPY. Based on our market analysis, we currently see a bullish sentiment continuing to 84.150, given that we see a retest and rejection of our current resistance zone.
The last trading week of the year is halfway over. Although we only had 1 out of 3 trade setups activate, we accumulated a significant +180 pip move from this single trade. We currently have a few more pending signal setups we are looking to enter and will provide updates on RP Forex’s Telegram channel. Please note that there may be an increase in volatility later today around 6:00 – 7:00 PM Eastern when the impeachment results become public.
We hope you all have a great, and as always trade responsibly!