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...
Crisis in Europe: Prepare for Repercussions from Credit Rating Downgrades
By MoneyMorning.com.au After months of buzz about how the debt crisis in Europe will trigger credit ratings cuts, Standard & Poor’s...
Gold Climbs with a Depreciating Dollar
By Fast Brokers - Gold continues its recovery from our 2nd tier uptrend line and the psychological $950/oz level as it rises...
USD Tumbles Following Disappointing CPI Figure
Source: ForexYard The US dollar reversed some of its recent gains to close out the week on Friday, following the release of a disappointing US...
Forex Technical Update - Forex Trading, Currency Forecast, FX ...
Forex Technical Update Euro plunged close to 220 pips yesterday breaking key supports. The 4-hourly charts are oversold with support coming at 1.4040 (55 4-hourly EMA) and then at 1.3865 (21 Daily EMA). Holding above 1.3850 can bring a ... Forex Fundamental Analysis Reports... -...
EUR/USD clawing back lost ground
The threat of some significant buying interest at 1.3925 has dulled the bear’s appetite for risk and shorts have continued to book profits on the EUR/USD, with the pair back again towards 1.40. Dealers report a mixed bag of selling interest and trailing stops above the figure. The previous...