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Blog - July 30, 2012

Forex Trading Recap: 30 July +49 Pips

This was a pretty typical day overall when it comes to the sort of action these trading sessions like to produce.  European morning had us swinging back and forth between levels as dealers took orders off their books and then as we got near New York opening we started to see more trending moves.  The only real downside of the day was that it was pretty tight overall and there wasn’t many big wins available, but you can mostly chalk that up to summer trading.
This day was another good example of the importance of being adaptable to the current market action when we day trade. When things are tight like this if you can’t quickly make the necessary changes you will struggle and likely pile up a lot of small losses.  Using the strategies in our Elite Range Bar System forex course and the well-defined trade types you see in all our trading recaps, we are able to catch at least a respectable amount of the pips available on the day.  Of course, this is only RB3 and RB4 (3 and 4 pip range bars) so if you are watching AU, EJ or other pairs there are more opportunities available.