As has been the theme for a while now, we opened London continuing a long GBP/USD, and long GBP/JPY that began in early pre-London trading. As London opened, we found ourselves retracing perfectly to our Fibonacci retracement zone along with the 15m 21ema. This pullback was happening without actually reaching resistance at 6610-6615 first, so we felt very confident in building a trade plan for longing off support, targeting at least this resistance. To make things even more interest, as depicted in the video, we observed very obvious MACD divergence with price action on bot the EUR/GBP and GBP/CHF 2 hour charts, which both were indicating British Pound strength was likely on the way for a bit. Our first pullback entry netted us maybe 30 pips tops before making an overall lower high and stopping us out +15 pips. In this video I highlight in great detail how we built the next long trade plan for both an aggressive style entry, and a more conservative entry, once we respected support the next time. Sure enough we broke the trap, and ultimately reached our target for a nice 70′ish pip trade for most, and even made it past resistance for those that did not take profit. The money is made in the waiting folks! FXBootcamp London Currency Coach- Christian Stephens
FOREX VIDEO - London Session Review - August 13, 2009
Source: blogs.fxstreet.com
- Tags:
- Daily market commentary
Read more...
BRIC May Discuss Moving From Dollar: Kremlin - Forex Currencies ...
A basket of currencies would be better than just the dollar or euro as world reserve currency, Russian President Dimitry Medvedev said in an interview with CNBC. CNBC Top News and Analysis -...
Greeks fearful of new cuts
Greeks are resigned to new austerity measures which mean a permanent team of foreign inspectors will monitor the country’s finances but...
Forex Daily Forecast for USD/CHF - June 16, 2009
By FX-Forecaster | June 16th, 2009 1:22 am The underlying direction is bullish while the daily bias is bearish. Therefore it is likely that any losses are ... See all stories on this...
Analyst Moves: GMCR, WSM
Green Mountain (GMCR) was downgraded today by Bank of America/Merill Lynch (BAC) to neutral with a price target of $63, as new Starbucks...
GBP/USD Daily Outlook
Daily Pivots: (S1) 1.5889; (P) 1.5977; (R1) 1.6038; GBP/USD’s fall extends further to as low as 1.5769 so far today, meeting mentioned target of 100% projection of 1.7043 to 1.6111 from 1.6740 at 1.5805. At this point, intraday bias remains on the downside and further decline should be seen...