In today’s live trading session, we did a recap of the trades that we took this week to gain +300 pips. We then discussed the Non-Farm Payroll release and how that may affect trade setups for next week.
This week was another great week as out of the 7 trades called, 6 were winners. Our biggest winning trade was a swing short for EURNOK. Currently, this pair is up +2500 pips. This trade was analyzed live and the signal was called shortly after. Another big winning trade for us was a long for CADJPY, which was also analyzed live. This trade went all the way to our final target of a +110 pips. The rest of the week was filled with intraday setups for US Oil, EURNZD, GBPJPY, and GBPNZD.
The US economy shocked the world this morning when it was revealed that instead of losing 7.75 million jobs, the economy added 2.50 million jobs. This shockwave was then followed by a 13.3% unemployment rate compared to the forecast of 19.5%. During the session, we took a quick look at the Dollar Index (DXY) and took note of its current position at support. There is a possibility that the majors could slip against the US Dollar next week. We have found a potential short for EURUSD that could be taken on Monday, as long as price action deems it valid.
In the past three weeks, only 2 trades were lost in the Forex Trading Room. That is extremely hard to do. Although our pip count per week may be down by a tad bit, the accuracy sure makes up for it. As tensions in the world increase with protests and riots, we as traders must be prepared to trade a pandemic, a trade war, and civil unrest. We are up for the challenge! We hope you are all safe during this unprecedented time. Have a great weekend!
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