Live Day Trading -  Room Review 8-7-2012

Hello All,

With no U.S. news to speak of,  today was a tight trading range on most Forex pairs.  CAD and GBP had some numbers come out at 10:00am, however I took a pass on these pairs. In fact today felt like a 'Summer Monday' instead of a Tuesday. We began our Forex room searching for possible setups at around 8:30am EST. Due to the Summer low volume, we have been more prudent in our trading and only taking trades that provide extra confirmation signals than normal. This prudent method helped us to have a great week -  last week with over +169 pips.

Our Forex Trades:

The EUR/USD was our first trade in our Live Day Trading Room. I ended up pulling out of this trade with a -10 pips -  as we did not get a trend line break follow through. Since we also began a small AUD/USD trade,  I added a little to make this a full size trading position. We ended the trading room hitting our target at 1.0558 with an entry at 1.0579, for +21 pips. So in the end we ended up - by a little bit +11 pips to be exact. Understanding Forex is the most important part of this game. Often time in our Live Day Trading room, I constructively distract myself so as to not be tempted to take trades when I have no business doing so. Today did show some setups, however the price action of the Forex pairs we traded, showed no exciting moves when we ended our morning session at 11:10am EST.

Last week was a nice week with +169 pips in our Live Day Trading Room as you can view at our Live Day Trading SMS account  at myfxbook

Here is a short review video of our live day trade today, for more info see our Live Day Trading Room