Live Trading Room Review 4-4-2013

In this live trading room review I will discuss the fundamental, technical as well as news factors for our trading room review. The Live Trading Room session began as I made a firm decision to take a long on the EUR/USD. The entry was a bit early, as it was prior to the nice stop run on the Euro. The stop run came just in time as the ECB press conference was underway. I did not feel that the news from Draghi was any reason for the big move down, but I did know one thing. 'Big money' is 'big money' for a reason... because of their ability to win.  The stop run was triggered by 'big money'. We followed this trigger today in our Forex room and took the bull by the horns and grabbed about +55 pips.

So what did we learn today in our Live Trading Room?

Keep a close eye on supports and resistance areas for possible trading opportunities. We had our key levels triggered in our room and took our long. Our key level at 1.2746 held very nicely and we had our stops placed below this area. Notice the chart from our live trading room below.

News? What News?
I often mention in the room that I use technical levels first and foremost and second comes the news. The news allows you know when we may experience some large spikes and it may be worth getting out before. In my experience news, at least for me is not a good determining factor in my trade, is is just one minor factor. The technical factors and other key determinants play a larger role than just 'news'. As I always say if it was so easy to just listen to news and make money most of the viewers of CNBC would be rich right, or getting rich from that network.

Summary Of Events From 4-4-2013

In Our Live Trading Room we listened to the even today when ECB President  Mario Draghi stated today that "The European Central Bank can not compensate for a lack of capital in the banking system, or for a lack of reforms by euro zone governments"  he further commented that the "The buck does not stop with the ECB," he said.

Draghi said the central bank would keep monetary policy accommodative "for as long as needed", after the ECB announced it would keep its benchmark interest rate unchanged at 0.75 percent. This lead to buying in the EUR/USD that was interrupted by a stop run, then resumed about 30 minutes after.

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