Welcome, to another Forex trading webinar. In today’s trading session we spoke about the current status of our trades, the UK Election and new developments in the US-China trade war. We also talked about The Best Tools To Improve Your Trading.
Today, the United Kingdom is holding it’s elections and results will be released later tonight at midnight. There is no way of predicting what effects it will have on the Pound and ultimately the Forex market. Therefore, we advise traders to be extra cautious and avoid getting stuck in bad positions. This morning, Donald Trump was once again moving the markets with his Twitter fingers. He tweeted that the US and China are on their way to making a big trade deal, and we saw an immediate reaction in XAUUSD, as the pair dropped over +150 pips. A similar reaction was seen with the safe haven currency pairs, namely USDCHF & CADCHF.
Currently, CADCHF is up +51 pips profit and we will continue to hold this trade with a final take profit target of 0.75600 in mind. Speculators will now shift focus and attention to the UK Election results. Since tomorrow is Friday, there isn’t much incentive to enter any new trades. We need to be risk-averse during these types of market conditions because very unexpected events may occur.
Toward the end of the session, we talked about the best tools you can use to improve your trading. Please use this time during subpar market conditions to get familiar with these tools, so that you are ready to implement them to your trading in the new year. For many of our experienced traders, these market conditions are no surprise as we approach the holiday season. We believe it is a necessity for some of our novice traders to experience first hand what the market is like near the end of the year. It’s all about gaining knowledge and experience in our Forex Trading Room. As always, be safe traders and trade responsibly!
Check Out Yesterday’s Live Session Recap: December 11th, 2019