In today’s live trading session, we went over how the week played out and then completed analysis for trades to take next week.
Similar to last week, this week consisted of five trades. Our first two trades were a long for EURUSD and a short for GBPJPY. The markets started off the week choppy and so we were able to get +50 pips from both trades. We then called Gold to 1900. Since the start of the week, Gold has shot up +990 pips. Trading room members were instructed to enter once a bullish 4hr closure above 1850 was observed. After two distinct candles, the precious metal surged without looking back. We only faced one loss this week, albeit a minor one. This was a -27 pip loss for GBPJPY.
For the rest of the session, we honed in on the current market sentiment. We have some great news! Pairs are starting to trend again and this makes things a whole lot easier for us traders. Next week, we are looking to long EURUSD to 1.17000 after positive manufacturing PMI data that was released today. We are also looking to take Gold to its all-time high of 1921. With a bearish bias for the US dollar, we expect GBPUSD to reach new weekly highs as well. Most of the majors have found a trend, and some of their minor counterparts are following along.
The markets could not have chosen a better time to start trending again. We are really excited to get back to ‘regular’ trading conditions next week. We hope these conditions remain and aren’t short-lived. But the Forex market always has surprises, and that is why we love it so much. We hope you all have a great weekend!
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