Last week’s price action was again very hard to trade. Renewed fears from COVID-19 have made price extremely dangerous. Roller coaster rides with the major pairs were a bit common due to the newest COVID-19 situation.
Concerns about the possible emergence of a second wave of coronavirus cases have started to reverse recent signs of weakness in the US dollar in a risk-on equities environment. The pandemic will continue to loom large over the markets in the short term. For instance, Australia shut down the borders due to new cases of COVID-19. And the Coronavirus started to spread again across the globe despite the warm weather in many countries.
Also having the US at the brink of a civil war reflected on the Forex market and many good trends which were formed completely changed the direction. This caused some of the CAMMACD setups to reverse from winners into losses. Last week we made 7 wins and 10 losses for a total of -386 pips.
See the screenshot (above) of the new CAMMACD.EA template and don’t forget to check myfxbook Live Account (Verified). *DrawDown is from profits, not from the deposit as 90.000USD profits have been withdrawn, so I’m trading with 10k only.
Due to extreme uncertainty in the markets caused by extraordinary world events such as COVID-19, I needed to readjust some of the methods that I have been using successfully.
I am working heavily on a new model for CAMMACD.ea setup which will be coded into a full fledged trading robot. This might take some time, but we will still trade all CAMMACD setups. SIT, EA and Core.
Some months are good some are bad but without adapting it is impossible to be profitable. If you are interested in taking your trading to the next level with me as your mentor, then you can get both the live trading setups and CAMMACD system that generates them via our website.
Amongst the turbulent roller coasters and extremely rangy market conditions, the trade of the week was the GBP/USD. It was perfectly captured by the CAMMACD.EA system exactly at the top of the move. Moving averages were aligned the right way and confirmed by the oscillator. The trade went in our direction (down) and managed to close for approximately 60 pips. Hadn’t we used the trailing stop it would have made even more pips. Still 60 pips for a single intraday trade amidst hard market conditions is good and the trade qualified as the trade of the week.
Cheers and safe trading,