Welcome to another live trading session. In today’s live trading session, we went over the trades we took this week to make +800 pips. We then took a look at trade setups for next week.
There were two trades that brought the majority of the gains this week. They were our shorts for NZDUSD and AUDUSD. Our NZDUSD swing short brought in a total of +285 pips. This trade was based on a break of weekly support and a simple application of fundamental analysis. We then had a spectacular swing short for AUDUSD. This trade provided us with another +370 pips. This trade idea was also analyzed using the same principles as our NZDUSD trade. We also had smaller winning trades such as our shorts for AUDJPY and CADCHF which brought in +180 pips together.
For the remainder of the session, we focused on setups to take next week. We are going to continue to hold our EURCHF trade and our small position in CADCHF. We do believe the setups are still valid and may take some time to play out. Next week, we may have a chance to long EURAUD as the pair has retested support. A bullish reaction from support should indicate a move to the upside.
These last few weeks have been amazing considering the circumstances. As hedge fund managers on Wall Street continue to struggle, members of our Forex Trading Room are doing just fine. There is a simple rule we like to follow in trading, it’s called KISS. Keep it simple stupid. We kept it simple, and virtually all of our trades this week lead to profit. This is the type of consistency members are achieving as they take trades of their own. Step by step, they are reaching their goal of becoming an independent trader. We love to see it, we really do. Have a great weekend everyone, and please practice social-distancing!
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Read yesterday’s article: NZDUSD Profits + EURCHF and CADCHF Coming Along
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