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Blog - March 18, 2013

Forex Trading Recap: 18 March +47 Pips Morning Only

I’m going to keep this recap short and sweet today as it’s just such a busy day over here.  The nice thing is that even though life has been pretty hectic, the markets have been quite kind and are offering excellent opportunities every day.  Between EUR/USD and EUR/JPY there’s always a few very good trades to be had.
Today was easy, if you were willing to follow the rules and push yourself into the trades.  As I’ve talked about many times, it can be difficult for some traders to trade trends simply because they always seem to be extended and possibly ready to turn.  The strongest moves can be even harder to deal with as it often means you need to enter right on the edge of the market if you want to get in at all.  By following my Elite Range Bar approach I was able to take advantage and get in on small momentum shifts that are often very difficult to ascertain on time-based charts.
Now that the Eurozone seems to be undergoing a fresh bout of uncertainty due to Cyprus, it could mean considerable opportunity for us as day traders.  In Forex, it doesn’t matter to us if price goes up or down.  All that matters is that it moves!  We thrive on volatility.  You can never say for sure but I am hopeful that this will give us some fairly consistent volatility in the coming weeks so make sure you are ready to take advantage!