How To Trade Forex - Forex Update: Watching News and Selling USDCAD into Resistance



To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=how_to_trade_forex&ad=ZDCTQ1hVdJw If you’ve been following over the past few days, you’ll note that I was in a long or buy scenario here on the NZDUSD over the past few days. Bought it down at the 0.6910-level. Yesterday, and we’re looking at the account history. The closed trades down here at the very bottom. Yesterday, the market reaching into the resistance highs. We had some news out of New Zealand, causing the market to significantly rise, so I’ve closed this trade now. The full position has been closed with about 210 pips of profit. So, a very profitable trade for us this week. I hope that it was something that you were able to take advantage of. So, 210 pips closed on the NZDUSD trade. Moving on to the Greater British Pound versus the US Dollar [GBPUSD]. We also have been trading this one over the past few days. We’re actually in a buy over the past few days, but the market has now turned back around. Fortunately, we were using appropriate risk strategies and trade management practices that when we saw profit, we protected it, we moved the stop loss better than break even, and the market closing us out actually during yesterday’s live Trade Room. Closing us out of the remaining position. It’ll be easier to see on the four-hour timeframe. We were looking in this area right here, and let me put a little box around this, so we know what we’re talking about. Right here, between the pink and the purple-shaded area. Let’s make that black, so it’s easier to see. Right there between the purple and the pink-shaded area. We were trading in between there. Actually buying the purple zone. As it touched the pink-shaded area here into the 1.4600-level, we went ahead and took some profit out of it. If it of course would’ve broken above it, we would’ve looked for more profit on the remaining position, but locking in with the stop loss. The market came down. Took us out. I was unwilling to reenter this again. I mentioned that during the Trade Room yesterday. Fortunately, that was a good decision and it continued to pressure lower, now back down into the 1.4400s. So, at least at this point, we’re sitting on the sidelines on the GBPUSD. https://www.youtube.com/watch?v=ZDCTQ1hVdJw Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.

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