FX Instructor Live Forex Trading Room Results | 10/09/2007

Besides the trades that we execute, these recaps are becoming more and more important for the procedures which we use to analyze the trade, and the different tools we have in our toolbox to correctly assess the situation and make a good trade. Lets go over the different procedures we follow which hopefully culminate in a profit.

On the GBP/JPY, 1h charts, what we were looking for is a Hidden Bullish Divergence - waiting for price to come and find support at a Fibonacci Fan level. When it did so, we went Long on this pair, and managed to capture some profit on the upmove. This was a decent trade, but he point is that we identify a situation and use our tools to let price give us a confirmation.

Similarly, on the EUR/JPY 30 min charts, we identified a 1-2-3 Pattern. This is something that can serve as an excellent pullback indication. Different tools are to be used on different patterns. In case of this 1-2-3 Pattern, we used the Fibonacci Expansions to plot our targets. We walked out with a clean 45 points profit. We do not know where prices would go after this point, so we do not risk our account.

Another "bread and butter" system is the Daily Pivots. On the EUR/CHF this strategy works surprizingly well. Our Momentum Value indicator is showing Longs for the day, and we waited for the price to find support at a Pivot level, waited for a Trendline Break, went in clean upon the break of the trendline, and proceeded with our money management procedures, moving up stops, and targeting the expected high range of the day.

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Category:

Howto & Style

Tags:

• FOREX
• FX
• Currency
• Training
• forex
• 4X
• trading
• traders
• currency
• profits
• forecast
• money
• euro
• dollar

[Forexmanagement]

Hi Everybody! Please view my Forex Money Management video: youtube.com/watch?v=tBIuNRGNw2­Y and leave feedback!

[dreamcinderalla]

Hi,

Can you post some good video on pivot point on how to calculate and use it properly.

Thanks in advance.

[dreamcinderalla]

Hi,

I am glad I found this video. Very good explanation. Thank you very much.