Welcome to another live trading session. In today’s live session, we went over the current status of the markets and if there are any setups that we could enter.
It’s not a surprise that many traders are having a hard time finding trade setups to trade as the Coronavirus has caused major gaps in the markets. Even a day later, much of the Forex pairs are displaying confusing price action. There are huge wicks to the downside, upside or in both directions. Some of the gaps have been filled, while others remain in the distant past.
After some searching and analysis, we were able to find trade setups for GBPJPY and GBPUSD. We were expecting to sell both pairs but were waiting on the 4HR candle closure for confirmation. Unfortunately for us, a surge of volatility kicked in and both trades ended up dropping a total of +140 pips within 15 minutes. Thankfully, we were able to find a short setup for NZDJPY. We entered during the live session and had our first take profit hit. We do expect further downside after a brief retrace.
This trading week will go down in history because of its unexpected volatility and the hysteria involved. Additionally, we have US CPI data being released tomorrow which should provide some insight as to where the US Dollar is headed next. In today’s session, we took a look at the US Dollar Index (DXY) and noticed that it was fighting hard to close above weekly support. As we have a few setups entered and active, the best we can do is to secure profits and control our greed. The last thing we want to do is overexpose ourselves during this volatile time. As always, be safe and trade responsibly.
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Check Yesterday’s Blog Post: March 9th, 2020