Throughout pre-London we had established a bit of a range on the majors early one, with some volatility showing up on the GBP/USD about an hour before London open. Even though the GBP/USD was starting to show some short term strength, the combination of a Daily trend line touch, along with a closed Bollinger Band on both the 4hour and 1hour charts indicated implied volatility for further upside was limited, at least on the near term. Armed with this information we started building trade plans around a lower high scenario. While the initial entry indeed take place prior to London open, there were a few more opportunities throughout early London to hop into this trade, including one exactly as London opened. In this video I walk you through these trade plans, that although were fairly high quality entries, in the long run ended up lacking follow through. Essentially successful trades in that they certainly moved far enough for us to protect very nice pips, but failed miserably reaching our objective. In the end, as London lunch arrived we had proven to stay in a fairly isolated range all night, with a few exceptions here and there. A rather tough night to make a lot of pips unless you were aggressive at protecting/scaling out your pips, which we did at every corner. Sometimes you have to scrape and claw to make your 120 pip night out of 30 here and 30 there. FXBootcamp London Currency Coach- Christian Stephens
FOREX VIDEO - London Session Review - October 20, 2009
Source: blogs.fxstreet.com
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