In today’s live trading session, we went over the trades we took this week, and then we completed technical analysis to determine trades for next week. This was the slowest week RP Forex has encountered in his fourteen-month tenure with Forex Lens.
During Monday’s session earlier this week, we identified approximately 8 different potential setups. Only 3 out of the 8 setups warranted entry, while the remaining pairs either consolidated or provided entry early Friday morning. The three setups we were able to enter were for GBPJPY, GBPUSD, and EURUSD. Depending on which trades members were able to enter, members either ended the week at breakeven or in slight profit. Many veteran members can attest to this notion, that ending a week in profit or at breakeven is far better than ending it in a huge loss.
Similar to last Friday’s session, this Friday’s session provided us with multiple trade opportunities for next week. We hope to continue our short bias for EURUSD, GBPUSD, and GBPJPY. We also identified possible long scenarios for the exotics EURZAR and USDZAR. In addition to these trades, we are also looking to reenter NZDJPY short as the pair has broken its miniature uptrend and has started to make consecutive lows.
Trading is a journey that is never constant, never smooth, and everchanging. Welcome to the hardest game in the world, featuring you and the Forex market. Since we at Forex Lens are data-driven, we expect next week to be a much more active trading week. This week we had can be considered an anomaly and anomalies rarely occur twice in a row. We hope you all have a great weekend!
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