FOREX VIDEO REVIEW: London Session July 24th, 2009

Source: blogs.fxstreet.com

Today we open London in a rather choppy scenario short term, but once the GDP was released for Britain, the pound pairs proceeded to lose value quickly. After the initial strong news move we bounced solidly off recent lows and plotted a short trade plan off an overlapping resistance/Fibonacci zone that we simply had to wait for to occur. So in this video I focus on how we built our short trade plan on the GBP/USD, and used the EUR/GBP price movement to give us confidence in the entry itself. While it looks easy after the fact, the reality was this trade required much patience and discipline to WAIT for the setup to present itself. Perfect daily lesson of patience and discipline, as the end result was a relatively clean 80 pip trade that rewarded us for awaiting for price to fall into our trap. Today ended up a decent day afterall, but it sure felt like work. FXBootcamp London Currency Coach- Christian Stephens


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