FOREX VIDEO REVIEW: London Session June 23, 2009

Source: blogs.fxstreet.com

While we had a fair amount of trade plans during today’s pre-London and London session, in this video I focus entirely on one particular GBP/JPY short trade plan that ended up a nice 130′ish pip trade for about 22 pips of risk. In this video we take a look at how something seemingly as small as MACD divergence on a 2 minute chart around longer term resistance, while not an entry trigger, is certainly enough to start building a trade plan to go the other way. GBP/JPY had been rising off the 4 hour head & shoulders neckline throughout pre-London, and here we are showing divergence on the short term. All we then needed was a lower high and lower low to perform a Fibonacci study on. This offered us our pullback trade setup, along with stop placement, a little red later and we find ourselves in a 130-140 pip winner until the USD/JPY double bottomed off 95.00 today. Just one of a bucket of trades today, not too shabby. FXBootcamp London Currency Coach- Christian Stephens


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