Welcome traders to another live Forex trading webinar and technical analysis breakdown. In today’s live trading session, we did a recap of the GBPUSD & GBPJPY trades that we took this week, looked at a potential trade setup for AUDNZD and also determined a short bias for both XAUUSD and EURUSD using technical analysis. We ended off the webinar by talking about ‘How to Plot a Forex Signal.’
Earlier this week, we decided to take a short position for GBPUSD and GBPJPY. Both trade setups have similar technical indications pointing to a short. At the time of writing this blog, we are sitting at a profit of +140 pips between these two trades. During the London trading session, we took a long position on XAUUSD which gave us a quick +29 pips before stopping us out at entry price. In today’s session we discussed how this was a classic fake out and why we have a pending sell order on the precious metal.
We concluded the live session by discussing ‘How To Plot a Forex Signal’. As an example, we used a trade signal alert from Vanity FX, one of our many Forex signal providers. RP Forex explained how to plot a Forex signal on the chart with the entry price, take profit, stop loss levels. Once a trade signal has been plotted on your chart, it is up to you to decide if the Forex signal agrees with your own trade analysis and your own style of trading. If your trade analysis and the Forex signal are inline with each other and indicating the same bias, you should take the trade. If not, you should pass on the signal but continue to monitor the outcome and learn from it. That’s how you plot a signal properly.
We encourage our members to use our Forex signal service as a trading tools for their analysis and not as a copy and paste service. This is the only way you can become a successful independent Forex trader.We expected this trading week to be slower than most due to lack of economic news events, and our assumption was correct. Despite this, we are having another solid trading week with approximately +150 pips made thus far. We still have half of the week left to trade, so we on track to meet our weekly target of +300 pips. We will see all the Trading Room tomorrow for another live trading webinar. Be great, traders. Don’t overtrade!
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