Today’s live session started off by discussing why our XAUUSD (Gold) sell was closed, followed by where EURUSD and other pairs against the US Dollar might be headed. We then ended off the session with some Bitcoin analysis as per the request of one our trading room members.
Last night we closed our XAUUSD (Gold) short position at around +5 pips in profit. This was due to Gold creating support at 1499, which then led to the precious metal pushing +50 pips to the upside. Stick to your trading rules & strategy as it will always led to more profits and less losses in the long run.
Moving onto potential trade setups for the week, we are currently eyeing potential GBPUSD longs to 1.27000. We have been very patient with this pair awaiting the best possible time to enter. We are looking to take advantage of current weakness of the US Dollar, by shorting USDJPY to 107.650.
We also have high impact news all day tomorrow so we will look to minimize our risk as much as possible. Tomorrow’s session will be more fundamentals based, so be sure to tune in to understand the meaning and impact of all these fundamental news releases.
See you all tomorrow at 11:00 AM EST on our Trading Room Portal. Happy Trading!