Live Forex Trading Room Trades [Week Ten 2016]
Below are a couple of more unusual trades that we have recently taken. They demonstrate how, if you have some understanding of the relationship of price action to a pair in normal trading circumstances helps identify trading opportunities when price action and trading conditions change.In addition, the dynamic nature of the TimeLanes (they are constantly recalculating their levels) helps determine the momentum at any given moment. When the boxes cross over it is a good sign that price is beginning to pause before a continued move or even retrace.
EURAUD +8 pips [2016-03-07]
EURAUD +8 pips 5 min Counter Trend
The EURAUD is here taken off the 5min band shade rather than waiting for the 1 minute band shade because of the extended gap back to the 1 minute boxes. Note how the two one minute boxes get closer together during the trade a good indication that the move down has run out of steam adding to the probability of trading success. This produced a nice +8 pips
GBPUSD +7 pips [2016-03-10]
GBPUSD +7 pips 1 min Momentum Trade
This Cable short was taking advantage of the momentum from the rapid move down in GBPUSD during the ECB Press conference, as price retraced to the first resistance zone on the 1 min time frame Cable was shorted producing a nice and rabid +7 pips. This is a trade not generally advocated in normal price action, can be very successful if you judge the circumstance correctly.
The above trades represent some of the live Forex trading room trades for Week Ten of 2016. Various forex TimeLanes set ups are covered and we try to mix up the trades as much as possible to show you different types of trades and set ups taken.