In today’s live trading session, we went over our USDCAD trade from yesterday, and then we went over the lack of movement in the Pound pairs.
During yesterday’s live session, we discussed the two possible scenarios for the US Dollar Index. Either it breaks above 93.13 or it uses it as resistance and sells off. It did the latter, and for that reason, we decided to take a short for USDCAD. USDCAD was also coming off resistance and it made intuitive sense to take this trade. This trade has hit our first intraday target of +25 pips.
We also covered trade setups for the Pound in yesterday’s session. During today’s session, we noticed that many of the Pound pairs such as GBPAUD, GBPJPY, and GBPUSD were stuck in consolidation. There isn’t much detail as to why this is the case, but we did our best and found trade ideas anyway. We have a short bias for GBPAUD and GBPJPY and a mixed bias for GBPUSD.
We typically do not trade Monday’s, but the USDCAD trade had a small enough stop loss to give it a shot. We now look towards the midweek volatility which should activate some of our pending trade setups. As always, be safe and trade responsibly!