Today we had the intensely awaited speech from Ben Bernake. Forex traders everywhere were waiting on the words “QE3″ and they didn’t get it. Once this happened we saw equities sell off instantly. Both the EUR/USD and the GBP/USD went with it. The GBP/USD spiked into lows and started to bounce and we went long. [...]
EUR/USD Forex Trade Short 25/08/2011
August 28, 2011 by · Leave a Comment
Going into the NY session the trend was down and as you can see on the 5M chart above we have consecutive lower lows and lower highs. Again we were waiting for out standard volume based forex trading strategy to come together. Things started to work out when we got a higher than average volume [...]
Forex Volume Day Trading Entry GBP/USD 24/08/2011
August 25, 2011 by · 1 Comment
The GBP/USD was already trending down slightly when coming into the trading room Tuesday. There was a small range that the market stayed in for close to an hour before finally breaking down. Normally those resistance channels, once broken…become resistance if they break to the downside. If it were to have broken up we would [...]
Breakout Continuation Level – Day Trading The USD/CHF 19/08/2011
August 22, 2011 by · Leave a Comment
We will keep this day trade setup short and sweet. To begin we had a previous support level on the USD/CHF that broke and then became resistance. The market re-tested this previous support turned resistance, and it held nicely. The USD/CHF again began to run down off this level. I want to give credit where [...]
Trend Line Test – Continuation Day Trade EUR/USD 18/08/2011
August 22, 2011 by · Leave a Comment
Sorry I didn’t get a chance to update the recent trades a little sooner. This week was a bit rough for us in the room. It was our first negative week in the day trading room in quite a while. That’s all part of trading and how you recover is what determines who will be [...]
Forex Volume Day Trade – GBP/USD 15/08/2011
August 16, 2011 by · 2 Comments
Coming into the forex room today both the EUR/USD and the GBP/USD had run 50 + pips. If you follow this trading blog you know a market that is already extended makes for difficult trading. It makes it hard to take a continuation trade because the potential for a retracement becomes higher the longer it [...]
Forex Room End Of Week Wrap Up 12/08/2011
August 15, 2011 by · Leave a Comment
Above is a daily forex chart of the EUR/USD. Now I didn’t place this chart up here to illustrate a day trading setup, nor longer term setup. I posted this forex chart to illustrate the type of marketplace we have dealt with lately. Over the last few weeks we have seen some extraordinary price action [...]
GBP/USD Day Trading Entries 10/08/2011
August 15, 2011 by · Leave a Comment
Hey everyone. I hope trading is going well for everybody! Before we jump into the chart above from Wednesday let me just say that we ended the day -13 pips down on Tuesday. We were short the GBP/USD Tuesday before the huge 200 pip drop but it stopped that day trade out at break even [...]
Non-Farm Payroll – Trading Forex News GBP/USD 05/08/2011
August 7, 2011 by · Leave a Comment
Friday we had the infamous Non-Farm Payroll, and it came out slightly better than expected. As I mentioned in the forex room before the news came out we will often see the GBP/USD and EUR/USD spike in the opposite direction as they should. He’s why…..for example this month the number was positive and therefore the [...]
Forex Volume Based Trend Reversal EUR/USD 04/08/2011
August 7, 2011 by · Leave a Comment
Thursday we had a bit of a slow day in the forex room because Trichet was speaking. Normally anything worth saying will be mentioned during the first part of the ECB Press Conference, and quite frankly nothing worth noting, and more importantly, nothing worth trading was said IMO. While there were many insignificant positive and [...]
Trend Continuation Forex Day Trade EUR/USD 03/08/2011
August 4, 2011 by · Leave a Comment
Hey everyone. Welcome back for another day of trading. I hope every one’s day trading is going good as well! Today we started off with some horrible stagnant price action in the forex market…..especially in the GBP/USD. Refer to your GBP/USD chart around 8AM EST to see what I mean. So as we sat there [...]
Euro Day Trade Short 02/08/2011 – Live Forex Trade
August 3, 2011 by · Leave a Comment
Around the lows we missed an entry long. Unfortunately the market had been trending to the downside and this trade gave the entry to go long right at resistance. I didn’t take this day trading setup because of this an it ended up being the “trade of the day”. A little later on in the day we [...]
Day Trading Strategy – Forex Day Trade EUR/USD 01/08/2011
August 2, 2011 by · Leave a Comment
Well I’ve never been so irritated about making +30 pips on a trade lol:) Let’s get right into today’s day trade! As we came into the forex room for the NY session both the EUR/USD and the GBP/USD were falling. The EUR/USD was riding a nice descending trend line down which was one reason we [...]
Counter Trend Forex Day Trade EUR/USD 29/07/2011
August 1, 2011 by · Leave a Comment
Friday we only took one trade in the trading room. Unfortunately when the EUR/USD and the GBP/USD took off to the upside rather abruptly following the negative GDP forex news out of the US. Initially the GBP/USD and the EUR/USD spiked down towards USD strength following a negative number. When I saw this I decided [...]
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