We had a nice trade on the USD/CHF this morning in the forex room….could have taken a bit more out of it, but I tightened the stop loss to break even a little to quick and the last half of this day trade got closed out at break even with the first half gaining +10 [...]

Hello Traders! As I mentioned yesterday I wanted to at least show up in the forex room and see what type of price action the forex market would offer today, being it is a banking holiday. During holiday’s the forex market will give you one of two types of price action. One is what we saw today, [...]

Hey traders! Today we have a nice little half position long on the EUR/JPY from 118.05 that is currently about +100 pips up as of writing this. I now have the stop loss moved to +40 pips and the final take profit is set to 119.35 which is +130 pips.Before we get into this Fx [...]

  At around 9:00 AM EST this morning, Standard & Poor put a “negative” outlook on the U.S AAA credit rating. As you might imagine this created a massive USD weakening effect initially that was most evident in the EUR/USD, GBP/USD, and the USD/CHF. As you can see we had a confirmation entry on the [...]

  Overall today we took 3 trades, and ended the day break even unfortunately. The first trade we took was right after the US CPI forex news release this morning. Core CPI came in -.1% worse than expected and then CPI Y/Y came in +.1% better than expected. The most important of the two numbers [...]

    When we first came into the fx trading room for the morning we had a nice stop run reversal setup on the EUR/USD. This trade was based off the 1H chart on the Euro. A stop run reversal setup in the case of a long position must move through the major support by [...]

  Here we have a good example of a nice intra-trend continuation day trade. The GBP/USD had been channeling for a few hours going into this trade. Normally I don’t like to take a day trade in a channel due to the fact that there is never much to be made. However this channel was [...]

    Here we had a nice short position on the EUR/USD that was coming off of the daily highs. If you look back around January 15th of 2010 you will see a previous swing high on the daily chart. More importantly to me was the fact that the market had set a previous high [...]

      The chart above shows 2 of the 3 day trades taken today. One trade not shown was a EUR/USD confirmation entry long that we rode for +20 pips. Following that was a confirmation entry short on the GBP/USD that ended up failing. The resistance level we were playing off of was a [...]

  Earlier on in the day Thursday we took a half position long on the EUR/USD based on Trichet’s speech and took a 40 pip hit. Fortunately this was only on a half position so it was -2% overall for that trade. We kept our nose to the ground, and stayed patient and took +3% [...]

    Our first trade of the day in the live trading room was a EUR/JPY long. As with any confirmation entry we are always looking for a clear level of support or resistance to take a trade from. As the market came down to support we had marked on the EUR/JPY we were looking for [...]

    Today in the forex trading room we had a nice setup on the GBP/JPY to go long. This setup came together at about 8:45 AM EST I believe. Additionally at the same time the EUR/JPY was giving a similar setup which gave me a little more confidence in the move overall. At candle #1 [...]