Lets go over a couple of things that we've been following since yesterday.The EUR/JPY, since yesterday's recap and close of the session, we mentioned a 1-2-3 Formation on which we went Long. We have a set of rules and a system for trading the 1-2-3 Formation. It is a classical pullback formation - a continuation pattern in the beginning of a new trend. We use a combination of Fibonacci Expansions and Fans for our confirmation.We went into our Long trade at the break of a certain level which is a standard entry point we use in our room. We closed off the trade at the 161% Fibonacci Expansion level, which also coincides with a fan level. This was an excellent trade of about 120 points, and the sort of setups we really enjoy looking at, as they are generally stress free and confident. Having faith in your systems is very important.We had a discussion in our room today about the CCI Indicator. Every indicator has different characteristics, and its up to the trader to decide which characteristic fits in which situation - just like a carpenter's toolbox, your trader's toolbox has a lot of different tools for different situations. Using them all at once makes no sense and will only bog you down.We used the CCI on the GBP/USD to give us a double-confirmation. Right now have a Bullish Divergence in the making - price making lower lows, CCI making higher lows. We used the CCI as a trendline break - CCI finding support on the trendline gave us an excellent indication of a Long trade. We didn't use the Stochastics, or the MACD, or any other oscillator - we used the CCI because it is the tool for the job in this situation.Learn more about the FX Instructor Live Trading Room at http://www.fxinstructor.com

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