As mentioned previously, I like to look for short setups in the EURUSD and GBPUSD until the current trend changes. Today both pairs set up but the GBP short only required a 14 pip stop loss for a potential 65 pips to our daily target.
It took price about 45 minutes to get going but once it did… after pausing at Friday’s high, it was able to descend right to our target where we exited.
Mondays are my least favourite day to find trade setups because the correlations tend to be less clear or conflicting. This trade was helped by there being no U.S. economic news releases.
The U.S. economic news calendar is fairly light this week. Tariff banter may affect market sentiment. The continuing strong U.S. economy has traders pondering the question as to whether there will be just 3 rate hikes this year or is a fourth a likelihood?
Good luck with your trading and enjoy your trading week!
