Welcome to another live trading session. In today’s session, we used our price action trading strategy on the major pairs and on pair recommendations from our clients to determine setups we will take this week.
Over the weekend we had a deep probe conducted on the crash site of the plane that was taken down by a missile shot by the Iranian regime. Iran has taken responsibility for the downing of the plane. The markets have opened this morning with a mixed sentiment for the US Dollar. Currently, the US Dollar is gaining on the Japanese Yen, while simultaneously losing ground against the European Euro.
During last Friday’s live session, we did a full technical analysis of GBPAUD. We were able to determine a short bias for the pair. However, since a significant move had already occurred, we had to wait for a better entry. The specific entry criteria was met upon Sunday’s market open and the pair dropped +110 pips. GBPJPY, a pair we wanted to enter, decide to prematurely drop +80 pips.
We spent the majority of the session analyzing multiple pairs that were requested by members on our chat. One of the pairs we looked at was NZDUSD. We started our analysis on the monthly timeframe by plotting our support and resistance zones/lines. Once we arrived at the daily timeframe, we were able to identify a high probability short trade setup. The setup will be entered upon confirmation of today’s daily candle.
There was a tremendous amount of activity in our chat today and we were able to attend to everyone’s questions. We currently have 3 to 4 trade setups that are pending entry. With a decent amount of fundamental releases this week, we can see a nice amount of volume in the markets again. I will see you all tomorrow for another live session. Be safe, and trade responsibly!
Check Out Friday’s Blog Post: January 10th, 2020