The first key to making 120 pips in one day is realizing that you might not be able to make 120 pips everyday.

I know this seems obvious but it is a very important concept to understand.
It is possible that if your trading plan requires you to make a set number of pips everyday, you could find yourself forcing a trade when there really isn't one which would cause you to give back any previous gains you have made.

It is better to begin your trading day with an open mind and accept whatever the market is doing. This includes understanding that there are times when the market is inside of consolidation. When this happens there will be fewer trading opportunities that are successful. During times of consolidation many trading systems will generate an entry signal that ends up going nowhere and the trade gets stopped out.

On the other hand, it is also important to be able to identify when the market is breaking out of consolidation and there may be a trending day.

Trending days or breakouts of consolidation are usually due to the release of economic data. Sometimes even statements from a Fed official or government agency might do the trick. Whichever is the case, most likely the consolidation just before the breakout is due to the anticipation of the news for some event that can cause a change in the valuation of the currency pair you are trading.

These two concepts are very important and will make a big impact on your trading success if you understand them. These two concepts are also directly related to how often you will be able to make 120 pips in one day. So having a solid understanding of economic data and how it affects the currency pair you are trading is vital to your success. It is also confirmation for many of the technical trades you may find.