Forex Room End Of Week Wrap Up 12/08/2011
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 in the forex market. I’ve been day trading for 7 years in the forex market and can’t remember seeing a daily chart that looks like this on the EUR/USD. Normally the EUR/USD is the pair that sees some of the cleanest moves in the market, and some of the nicest trending daily charts…but not lately.
In this type of forex trading environment you can lose money very quickly! With the right forex trading strategy however you should still be able to turn a profit. Honestly do you think more people made or lost money last week? How has your trading strategy held up to the current market conditions? Both are good questions that some thought should be given to.
Three weeks ago Chad (London trader) and I unveiled the new forex day trading strategy based on volume trading and fx price action. As I’ve said before little did we know that we would unveil it in one of the most volatile difficult markets anyone has ever seen! That being said, during a time when the majority are more than likely losing money we have been profiting. Each week since it’s release it has consistently dealt with this extremely unstable market, and dealt with it well! While you will still have losing trades, you will be able to profit overall when trading it properly. Here is a link to the new day trading strategy article entitled Forex Day Trading Strategy – Day Trade Forex Volume. I truly hope this trading strategy helps guide you through these rough markets as it has us! I look forward to seeing you all next week in the forex room, until then happy trading!
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