Live Day Trade Review 3-14-2013

A Live Day Trade I feel are very important to review for the day, they help me to see what I did right and wrong. One of the main reasons I like to post my reviews is it allows  me to see some key aspects of trading,   'A personal Journal'. A person trading journal can help one to see some live day trades and why you took them, in retrospect its like reviewing your progress for the day. Today I am doing a quick commentary of the Live Day Trade taken in U.S. session. This trade, was one that we have been following for some time. I also want to review some aspects of day trading that we learned this week.

Live Day Trade Review on the GBP/USD
The trade was taken today on the gbp/usd. We were stalking the GBP/USD in the live room now for 3 days. The trade setup was visible on the daily chart time frame, as well as 3 other key time frames. As many of you know, you can't always trade a pair based on the upper time frames unless you plan on holding. The upper time frame was one element that provided a clue, however, the extensive research I have done on this pair in the last week was the key to this trade. An important part of day trading is to make sure that you research, and have a game plan before the trade. This is what we teach in our day trading room as well as our trading course and it paid off today.

Price Levels

GBP/USD was bought at 1.4943 and hit our target at 1.5080. The total was +137 pips. Remember you can't always expect these type of trades as the market is the boss not us. We must wait for the market to show us when it is ready to make a move. I have seen many traders get abused by the market when the market taught them a lesson on patience. Mr. Market does not like to be told what to do...it is the boss, not us!

I will try to do my best to write a post next week on a live day trade, however, I often find myself in front of the computer charting now for 10-13 hours per day, so I will do my best. If you are not a member and want to join our public twitter or you can also join our Facebook. Would you like to learn more about becoming a member?