In today’s live trading session, we went over the trades we took this week, and then we completed analysis to find trades to take next week.
This week we took two trades, one was a short for AUDJPY and the other was a short for EURAUD. Our short for AUDJPY was based on simple price action analysis. This trade played out perfectly and resulted in up to +110 pips of profit. Our EURNZD trade initially went into profit, but over the London session, it went on to hit our stop loss of -72 pips. This pair since then has come back near our entry, and we expect to enter short again next week.
As for trades to take next week, we have our eyes set on longs for the Canadian Dollar. We are bullish for the Loonie because many of the currency pairs containing the CAD are showing signs of further strength. CADJPY for example has pushed up significantly and if it can clear this week’s high, we may have a long entry next week. The other trade idea is for CADCHF, which is looking to rally to the top of its intraday range.
As a trader, you need to understand that you have to ride the peaks and valleys of the market. The important thing is to remember that there will be more peaks than valleys. Stay motivated, stay disciplined and the Forex market will reward you. We hope you all have a great weekend!