In today’s live trading session, we went over the trades we took this week and then completed analysis to determine setups for next week.
Similar to last week, this week we had identified numerous potential setups to enter. Despite more volume than last week, many of the promising setups remained pending. We were able to get some quality pips from certain trades, however. Our EURAUD short came inches away from its final target of +105 pips. Our EURSUD trade depending on trade management led to anywhere from +28 to +101 pips. We also had a few loses, but they were all small. The largest loss was -34 pips for AUDUSD. The important thing is ending the week in profit, especially during these market conditions.
For the rest of the session, we spent some time to really dissect the market and identify our approach moving forward. We have come to the conclusion that due to the handful of fundamental and political factors at play, it is best for us “value invest”, rather than trade. What this means for us, instead of chasing the smaller noisier moves, we will strive to trade the big picture moves. This should increase accuracy, profitability, and will require far less trade management. In other words, swing setups are now the plan. We have found possible swing setups for GBPUSD, CADJPY, and AUDUSD which could be entered next week.
We hope you are all learning throughout this experience as experience is truly the greatest teacher of all. These times are also new for us at Forex Lens and we are making due with what we have. We will do some backtesting this weekend to see if there is anything we spot that could help offset these sluggish market conditions. As always, be safe and trade responsibly!
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