In today’s live trading session, we went over our GBPJPY and EURCAD trades that were taken yesterday. We then spoke about last-minute setups for Silver, Gold, and GBPAUD.
During yesterday’s live trading session, we identified a long trade for GBPJPY. We entered the trade once we received price action confirmation. The trade initially went into profit, but then went into some drawdown. We noticed that the pair actually created a double-top on the smaller timeframe. We decided to exit this trade in -27 pips. It was a good decision made on our part, as price eventually dropped to our stop loss of -60 pips. A minor loss is always better than a large loss. In response to this loss, we took an intraday short for EURCAD which led to +25 quick pips.
For the rest of the session, we talked about the leaps Gold and Silver have made. Gold for one has shot up +860 pips since the start of the week. Our overall target for Gold was 1900, and the precious metal is inches away from reaching it. We have also been bullish on Silver, and have an overall target of $25. We are expected to go long once we get a 4hr closure above today’s high. In addition to our trades for the metals, we also are looking to long GBPAUD. This pair has pulled back into the previous daily range, and if price action remains bullish, we will enter the trade.
It is refreshing to see that some of the pairs are starting to break away from consolidation and begin trending. These types of conditions are favorable. It is unfortunate that the markets have decided to wake up this late into the trading week, but all things considered, we still had a great week. Later during the London session, we have a slew of important Euro and Pound manufacturing data being released. We expect the markets to be very volatile during that time. As always, be safe and trade responsibly!
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