Good morning traders.  Monday is always an interesting session for the Forex as you just never really know what to expect.  Today proved to be a day of weakness of all the pairs we were monitoring and we only really had 1 opportunity to take advantage of the selling.   We patiently waited for a set-up and were rewarded at 3:09am exchange time with an entry 1.3198.   The EURUSD started to push lower and actually hit our 1.5x target, we followed our disciplined trade management plan moving our stop to slightly positive to cover the spread.  We were then taken out for a breakeven trade as the pair bounced back slightly from 1.3171.  Finishing the trade with +6pips.

That was our last trade for the session and we will return tomorrow to tackle the early Forex session.  Traders please check out our FX Swing trading link which details a very impressive run on our swing trading set-ups. 

Also we are running our live weekly training sessions that we are opening to all traders.  If you would like to attend this weeks session please send me an email at Shane@netpicks.com.

This weeks session will cover:

• Trade preparation;
• Visualisation;
• training - simple 2.0

 Cheers

Shane

Well not one of our busiest days of trading,  however applying our two winners and done strategy has again proven its value.  There is a real temptation for us as traders to be lured into the excitementof the markets, particularly the Forex.  Many traders are constantly looking for the next big move that will propel the equity in their accounts to even greater highs.  They spend hours trading during poor session times and exposing themselves to fatigue and overtrading fearful of missing the big one!

The reality is that trading requires us to be very selective, and disciplined as to when we choose to trade and for how long.  Opportunities abound these markets on a daily basis and as traders we need to discipline ourself to a well defined trading plan that targets high probability trading sessions based on our systems edge.  Today we managed our two winners in reasonable time and that is part of our focus for these sessions.  More on that later.  I have provided a breakdown of the results this week and look forward to sharing my next post with you and more thoughts on working your trading edge!

Results are net of spread:

Monday 2^nd March

EURJPY - -29

GBPJPY - +33

EURUSD - -20  

GBPUSD - -35

Net results - -51 pips

Tuesday 3^rd March

EURJPY - +25

GBPJPY - +12

EURUSD - -6

GBPUSD - +3

Net result - +34 pips

Wednesday 4th March 2009

GBPJPY - +30pips

GBPUSD - +6pips

Total +36pips

Cheers

Shane

Shane@netpicks.com

Starting this Monday there will be a brand new launch of the forex live