In today’s live trading session, we went over how our trading week went. We then completed technical analysis to find several trade setups for next week.
This week was slow and choppy due to the two-day Jackson Hole Symposium. But, that did not stop us from ending the week in profit. This week we were able to attain a 100% win rate. Although we only took 3 trades, we were able to make up to +130 pips with these trades. Due to the long bouts of consolidation followed by unexpected surges in volatility, we decided to play this week safe. The trades were shorts for USDCAD (2X) and USDJPY. Remember, a handful of traders aren’t profitable, so ending any trading week in profit is a privilege.
For the rest of the session, the spotlight was focused on the New Zealand Dollar. The New Zealand Dollar has ended the week very bullish, as evident by many of the minors. During the midweek, we had plans to short EURNZD and GBPNZD. Unfortunately, market volatility didn’t warrant entry until today morning. If price action remains bearish, we set to enter short for EURNZD and GBPNZD. In addition to those pairs, we also see a similar sell setup for AUDNZD as well. These trades would essentially provide a 3-for-1 scenari0 for next week.
Next week is September, crazy, isn’t it? Since it’s the first week of the month, we will have the Non-Farm Payroll release on Friday. Our analysis of the DXY indicates a major selloff is on the way, and we can reach lows of 89.00 by next week. We’ll discuss more on this during Monday’s live session. We hope you all have a great weekend!
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