Wednesday, 25 March 2015

15 minute Trend Trade: Forex Live Trading Room 2015-03-25 +8 and +16 pips

To keep with the recent trend price action was again volatile during the New York session. GBPUSD rose sharply and then fell on the back of worse than expected Durable Goods data coming out of the US. This movement gave Kash the chance of a long on GBPUSD. The main issue was where to get in. With the volatility Kash chose to wait until the safest entry point which was the L2 on the 15 minute time lane. With additional support on the 60 minute it wad a good area for a long. Price duely retraced back to this level and Kash went long taking +8 and +16 on the balance.

This is a good example of how having an experienced trader to watch and learn from can stop you making expensive mistakes. Many may have chosen to go long earlier but Kash’s experience told him where the safest entry was likely to be and so it proved. This is one of the major advantages of being a member of our 24hr Forex Trade Room. You have experienced traders that can guide you. If you are an inexperienced trader the guidance from the moderators can be invaluable and can help fill the experience gap.

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