Day Trading Forex Live – Advanced Forex Bank Trading Strategies

Day Trading Strategy – Forex Day Trade EUR/USD 01/08/2011

August 02
02:37 2011

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 thought there was resistance there. In addition to that the price came back up to a previous support level, that was now broken and acting as resistance. I call these levels Breakout Continuation levels.

As with all support and resistance levels…..all you can do is simply mark out these points and then once the price reaches these areas wait to see if your entry criteria is fulfilled. This is exactly what we did here. The price pulled back to that resistance and then we waited to see if our volume entry criteria was fulfilled….and it was. Our entry was around the 1.4400 area on the EUR/USD. This was an exceptional entry but I closed the second half way to early for only +40 pips. The reason I did this is because we had a volume entry up on the GBP/USD and therefore I exited the EUR/USD short and took the Sterling long. Unfortunately that did not have any follow through and this left us with a total profit between the 2 forex trades of +15 pips.

I can’t complain to much about starting off the month positive. This is going to be a very exciting month. As I mentioned in the last post, our new forex trading strategy that relies on volume confirmation won 75% of the time last week. These numbers are right on track with our forward and back testing, and therefore I look forward to what this will produce live in the forex room this month. We shall see as time progresses.

If you would like more information on our new Forex Day Trading Course and lifetime membership you can see whats included at the link above.

About Author

Sterling Suhr

Sterling Suhr

Hey everyone, my name is Sterling Suhr. You and I more than likely have quite a bit in common when it comes to Forex trading. Like most, I started trading Forex and thought it would be rather easy.Everything I read said it would make you profitable so why wouldn't I believe it Forex trading was easy? The unfortunate part is that belief, and the hope that goes along with it pushed me into buying every scam Forex product there was. I've tried every EA, software, strategy, chart pattern, candle pattern, signal service, etc, all with negative results. The bottom line is mainstream Forex trading strategy will continue to fail retail traders. It wasn't until I realized this point did I begin to see success.On a personal note I currently reside in South Western Michigan. I personally love this part of the country and enjoy having a taste of all four seasons. I was recently married in May of 2012 and Chad has given me a stiff warning to not have children:) As a personal hobby I enjoy aviation and really anything to do with the outdoors.

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