FOREX VIDEO REVIEW: London Session April 14, 2009

Today was a tough game of support and resistance on quite a few pairs, especially those involving the British Pound Sterling, as the EUR/GBP pairing broke some key support early in today’s London session. While there were certainly opportunities early and often on the Pound pairs, in this video I focus on a late London session trade plan setup shorting the EUR/USD off of the 38.2 Fibonacci pullback zone, which also overlapped with the 15m 21 ema, hourly 5, and today’s central/weekly central pivot points. While this trade ended up not reaching our optimistic target of 1.32 or so, that really does not matter. What matters more is having the patience to wait for the area we had planned for, then having the discipline to execute the trade plan without fail exactly when our clue was given. If properly handled this trade only ended up reaching approximately 40 pips in profit at it’s peak, and with clues on the charts one easily should have collected 25-35 pips on the move overall. Hey, not every trade is a fantastic ride of 200 pips. However, what this trade plan shows is how if you properly build your trade plan around longing off support, or as in this case shorting off resistance, you can far more easily mitigate your overall risk, and end up with a decent trade even when the trade ultimately fails it’s overall destination. FXBootcamp London Currency Coach- Christian Stephens