No pain no gain. We've all heard it before, whether it was while working out, making that difficult decision, or staying up late to finish that project for school. Well this saying  holds very true in trading as well and we were reminded of that in the live room today.  Today was sort of a milestone in the Live Trading room. Why? Well because it was the first time that I had it open on a Monday. Honestly I didn't know what expect since Monday's historically known to be slow, but then again with the way everything has been as of late it feels like anything can happen. Going against the notion that Monday's are slow days we opened up the start of the session with two at market trades.  As the second hour began we entered a third. As I told the traders in the room, today seemed like one of those days where the market would decide to test our trading discipline because we sat and watched all three trades bounce up and down in a range over and over again. One even tried to stop us out multiple times. However, we stayed true to our professionalism and with the last 5 mins of the session one of the trades finally broke out of it's channel (if we can even call it that) and hit our first target. It was funny because I wasn't even paying attention to the actual pair at the time, I simply saw an onslaught of message saying "Ring the Register." (I ring a cash register sound every time we make money in the room). Soon after the room closed that same trade continued to rollover and hit target two, along with one of the other trades hitting it's first target. It wasn't our most profitable day in the room, but exciting none the lesson because during days like these, it really feels like you're earning your money. 
Eric L
4/24/2012

I personally dislike trading on mondays because it seems they are typically slow (as you mentioned), but also from what I notice they are extra chaotic with all the news over the weekend being priced into each currency as the various markets open. I know with harmonics this shouldn't be a terribly large factor to consider, however I seem to have a psychological tendancy to only trade the asian tues-fri sessions..

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Akil
4/24/2012

This was my 1st time in a long long time. I can see what you mean about the market unloading from all of the weekends events. I may have to start keeping an eye on things to see if it's worth it.

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Eric L
4/24/2012

Let me know what you come up with. I always appreciate your insights. =) I dont really follow the news too much, just technicals here, but i know others do, and i also know that affects prices. seems like the swings are most volatile here during sunday night (asia monday open)

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