FOREX VIDEO REVIEW: London Session July 21st, 2009

Source: blogs.fxstreet.com

Today’s London session was kind of tacky other than the quite obvious British Pound weakness throughout the night. While the GBP/USD short paid nice dividends from the pre-London entry, in this video I focus more on a completely different trade on the EUR/JPY. However, we did use the GBP weakness in the form of EUR/GBP breaking resistance to give us our confirmation on the EUR/JPY long. This trade plan shows how price action will often respect previous area’s of resistance as support, in the form of role reversal. This entry was pretty much entirely predicated by this. Ultimately the trade only reached around a 40 pip profit, but it was a relatively painless wait for +15 or so, enough to protect break even, and enjoy a risk free trade. FXBootcamp London Currency Coach- Christian Stephens


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