FOREX VIDEO REVIEW: London Session July 8th, 2009

Today we found ourselves hitting support just as the London market opened while were were still in the midst of a solid 4hr/daily downtrend on cable and the yen pairings. While there is no reason to think the downtrend is over, the charts were certainly showing many clues of needing to hit some upper support, such as the 1hour 21 ema or daily 5ema, in order to continue it’s strong downtrend. So throughout London we adopted the ‘Scalp up, so we can Spot trade down’ mentality. In this video I focus on just one of these trades we took as a countertrend scalp, which made as much as around 45 pips before stopping us out at MAP (minimal acceptable performance) of 15-20 pips. The rest of London ended up being a nasty range until London lunch, looking very much like we will have some strong entries south sometime during the New York session as the hourly 21’s are nearing price action. It was an extremely difficult London session that required intense patience and discipline. Difficult, but still there were pips to be had, even if follow through was non-existent. FXBootcamp London Currency Coach- Christian Stephens

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