In today’s live trading session, we went over the current status of our EURAUD trade from yesterday. We then spent the rest of the session discussing trades to take for the rest of the week,
During yesterday’s live session, we took a short for EURAUD. After initial drawdown, the pair ended up hitting our first take profit and coming inches away from our second take profit level. During today’s session, we found another entry for this pair and we are currently in profit, This trade should make massive moves to the downside, especially with the ECB Press Conference this week.
For the rest of the session, we did a combination of technical and fundamental analysis to find trades to enter. We have found an excelled swing trade for AUDJPY that has a risk-to-reward ratio of 3.15. Our bias for the Aussie has shifted over these last few weeks and are hoping bullish momentum can continue. We then found intraday setups for USDCAD and EURJPY. These setups may or may not be entered depending on price action on the four-hour timeframe.
Things will pick up considerably starting tomorrow morning so choosing the right setups along with risk management will be key. Volatility is great, as long as it is in the direction you are in. We have started the week off on the right foot. Let us carry this momentum forward. In tomorrow’s live session, we will discuss the US GDP release as well as insights for the FOMC Press Conference later that afternoon. As always, be safe and trade responsibly.
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