I hope everyone is doing great today. Let’s do a recap of last week.
If you look at last week’s update, I mentioned an AUD/USD short and a EUR/GBP long.
I have one word to describe last week: Chop! Chop Chop Chopity Chop. The market essentially did nothing.
Understanding the type of market environment we are in is crucial. This week, it was choppy with sideways movement. Attempting to capture big moves in a sideways market won’t work and will likely result in trouble and accumulated losses.
With that being said, I had a much worse week than previously. I managed only one small short trade for about 25 pips in the AUD/USD, netting around $100. I also have some small EUR/GBP trades long right now, in which I am currently down about $1,200.
As this is a prop firm, I need to be very careful about how much risk I put on each trade.
Now, on to this week’s trades
I am mainly watching the EUR/GBP from last week.
We are sitting on top of the support level I was eyeing last week. I am watching for the price to bounce off this level and move to the upside.
I was anticipating this last week and it didn’t happen; now, I am patiently waiting this week for the move I was anticipating. I will be stalking and waiting because the market will give me exactly what I am waiting for.
I am looking forward to seeing a break of the trendline. I am also looking to see if the price will drop down to the .85 area, at which point I expect to see a bounce.
Additionally, I am considering doing a live trading session sometime soon. If you’re interested in that, stop by my video and leave me a comment, and I will schedule a trading session.
Just wait for this to break to the upside and we should have a nice trading opportunity.
To Your Trading Success,