In today’s live trading session, we went over how our trading week went and then we prepared for next week.
This week taught our members a very important lesson. The lesson is that you need to be a sniper in the markets, not a machine gun. This week we looked at several potential trade setups. However, 95% of them consolidated and never gave us an entry. We didn’t force the issue or scramble for any trade to take. As a trader, once you are comfortable with sitting on your hands, you are reaching a stage of maturity that most traders aren’t patient enough to reach.
Since many of our trades for this week are pending, we are hoping they become active next week. The setups we are referring to are a short for USDCHF, a short for GBPAUD, a long for EURUSD and GBPUSD. For all of these setups, we are waiting for price action to give us either a bearish or bullish close on the 4hr or daily timeframe. This will ensure that we are not getting faked out and that the trend is still intact.
We hope next week can bring some more volume and activity into the markets. Most of the time NFP week’s tend to be pulsing with volatility, but there are instances like this week, where the US Dollar is indecisive. We hope you all have a great weekend!