I shared with you all in the live session on Tuesday the two trades I had taken.
First, it was the USDCHF, we had multiple reasons to take it at 0.95000 on the daily and weekly.
I took some partial profit along the way yesterday and then closed it at 110 pips last night.
The second one was the CADCHF. The last time I had taken it, I had to be very patient with it. It was the longest ever trade I stayed in, which was around 2 weeks.
Made it more of a swing trade or position trade whichever you call it.
This went on to do eventually 140 pips when I closed it completely.
A few weeks later it came back again in the region this week, So I took it again.
I closed it at 70 pips yesterday evening as I didn’t want to hold it any longer.
The reason is that we have A lot of Red Flag news tomorrow on Friday. CAD employment change and also NFP.
NFP is one of the most volatile economic releases which comes out the first week of the month.
It is the perfect opportunity for market movers to make a profit from retail traders as retail traders try to speculate on the news.
usually, this doesn’t go well. I learned from my mentor Marc it is better for the event to release and let the Big boys decide how they speculate the results.
You don’t know which direction the trade will head in. Once they decide whether to sell or buy you then have a clear direction or bias.
So let the dust settle and then make your move. This is a more profitable strategy. You do not want to compete with the banks as they have an advantage. They roughly know what the figures before the economic releases.
You can watch the full video here :