Welcome to another live trading session. In today’s trading session we went over the current status of our trades and trades that we can take this week. The setups that were discussed were EURUSD, AUDUSD, NZDUSD, and EURJPY.
Last week we took a short on EURUSD after a break of a descending channel on the hourly time frame. Since then, the pair has dropped +50 pips into profit. We are currently facing the possibility of a retrace to the 38.2 fib level, before our next push down. We see similar price action with NZDUSD, as the pair has brought in +45 pips of profit and is currently due for a retrace.
As for setups for today, we are eyeing EURJPY and AUDUSD as possible trades to enter. In today’s session, we discussed the specific price action needed to enter both trades. However, one huge factor in whether these trades will be entered is the Bank of Japan Monetary Policy Statement.
We also discussed a few other setups during live such as GBPCHF, Gold, and EURNZD upon the request of members. We do have a considerable amount of fundamental releases this week so we will be cautious of the trades that we enter. With that being said, I will see you all tomorrow for another live session. As always, be safe and trade responsibly!
Check Out Friday’s Blog Post: January 17th, 2020
