The Past Few Days

Despite the lack of updates the past few days have been pretty good in the live room. It all started off with a few people catching a nice winner on a GBPUSD trade that got filled on Friday. I was out of town on Friday and didn't have a chance to get involved, but for those who did I think it profited them over 70pips.  Since the trading room was closed on Monday we looked to continue this momentum on what I now call our "Aggressive C Tuesday." I call it this because it seemed like we had an aggressive C setup on almost every day-trading pair. A lot of them ended up either not completing, or not completing to my liking, but we did take three live trades in the room.  The first stopped us out for break even, then second gave us a 33pip loss and the third we ended up holding overnight.  The trade that we held overnight (EURJPY -Top Left) traded sideways until today's live room session when it started to finally rollover. It took us nearly the session, but price action eventually broke through and hit our first targets giving us 89pips in the process.

Although these were two different trades on two different time frames, it does serve of as a reminder of why a proper risk ratio should be taken when trading. On one hand we had a 33pip loss which when you add both contracts gives you -66pips. The you turn around and wipe out that entire loss on the first target of another trade plus some. Again, this isn't the best example of the importance of using a good risk/reward ratio but it can give you an idea of how trading works. 1win+1loss=Profit. 

Lastly, the top left is a trade that we identified yesterday but didn't get filled until today. It's actually pretty cool what we're up against on that pair so be on the lookout for a "Chart Talk" post later.