Welcome to another live FX trading webinar. Today, we went over our current trades, recapped on our short-term and long-term market outlook for the majors currency pairs, and had a brief discussion on Why It’s Important to Be Patient in trading Forex.
At the start of the week, RP Forex talked about his bold predictions for 2020 and what short term setups we could take before the end of the year. We had a short bias on EURUSD, XAUUSD and GBPUSD. However, due to a progressive decrease in volume, we were only able to get trade entries for EURUSD and GBPUSD. After the UK Election, we had noticed that GBPUSD was held under resistance at 1.33500. We saw the potential to short opportunity to 1,31000, and we were able to achieve +180 pips profit.
We had a similar setup for EURUSD which took approx. four days to play out. We finally entered the trade and we are currently up +15 pips. We have a potential for further downside with take profit targets at 1.11000 and 1.10500. However, being it is the last trading day of 2019, we will close out everything by the end of the day. We have a long-term bearish bias on the Euro and we see the pair possibly heading to 1.05750 in 2020.
We spent the last portion of the live stream to discuss Why It’s Important to Be Patient in Trading. We went over some of the trades we weren’t able to enter this week, and why patience is indeed a virtue in trading. All year long, our patience has allowed us to avoid bad trades and enter winning ones. This was shown by looking at the signals we called out this week and their outcome.
Next week, many brokers will close their trading desk from December 23rd to January 1st. If your broker is open for trading during that time, expect subpar volatility and high spreads.
This has been a great year for our Trading Room community, as we are growing slowly but steadily. We were not only able to make great gains in profit, but we have also seen many you make great progress in your trading. The warm messages and emails are always appreciated and welcomed.
We are excited for the new year and will be releasing a beta version of our new Trading Room in Q1. Our development team has been working tirelessly, balancing multiple projects we have in the backend. We have noticed most of you are watching the streams later in the day and not able to catch the live stream every morning. We will be working on adding more trading sessions in the new year for you guys to help accommodate different time zones. Stay tuned for more updates!
We hope you all have a great holidays and use this time to decompress. We have a great and profitable year in store for us in 2020! Cheers, and take care.