Today’s London session had proven to be ranging a good bit, with very little overall follow through of any moves. Even so, in this video we highlight how we used a drawn trendline break on the EUR/USD to build a trade plan. Correlation with the USD/CHF bouncing off it’s own trendline at the same time as the EUR/USD break was ideal confirmation of the break being legitimate. Then simply applying a Fibonacci retracement study from support at the 1.26 support area to the high of the break at 126.47, provided a nice 38.2-50.00% Fib entry zone of 1.2630-1.2625. This Fib zone was also the break area of the previous trend line which was an ideal situation of role reversal (resistance becoming support) along with the Fib level itself. Also it happened to be the Daily Central Pivot Point, and Weekly m3 pivot point. So lets see, break of all this resistance, following by a pullback/retest of this area which overlapped perfectly with the ‘ideal’ Fibonacci retracement zone.. Hmm, Yummy. Ultimately the EUR/USD returned to the 38.2 at 1.2630 then proceeded to immediately make it’s way to the 15m 200 EMA 50 pips away. Not an amazing amount of pips for a trade plan, but 50 pips for 20’ish pips risk (stop below the 78.6), right off support, works for me anytime. For a somewhat difficult London session take what you can get yes? FXBootcamp London Currency Coach- Christian Stephens
The GBPUSD has created a very steep and aggressive trendline and that is something that price can not often sustain. There are some clear buy and sell areas for the upcoming Asian,London and New York sessions. Please take a few minutes to view the following video for the trade setups that we are looking for. The EURUSD is in a narrowing price range and trading inside of that range will get you chopped to pieces unless you are scalping. The narrowing consolidation is giving us some very nice buy and sell zones. There are some clear buy and sell areas for the upcoming London and New York sessions. Please take a few minutes to view the following video for the trade setups that we are looking for. The EURJPY has some nice MACD Divergence building on the lower time frames. It is important to remember that divergence occasionally gives a reversal and more often created a pull back in price. There are some clear buy and sell areas for the upcoming London and New York sessions. Please take a few minutes to view the following video for the trade setups that we are looking for.
3 December. Watch JT take 30 pips & 0.6% Profit on London’s Opening Range for just 0.15% Risk Exposure.
Price start moving after LONDON OPEN. The back ground song is edited and remix. I call the song .. Spiritual Thing
** Video is Mis-Dated, I must have gone bonkers when I dated it 1-10-11, it’s actually 1-12-11* This week trading during the london morning has been rather umm….let’s say challenging. One can only watch so many +30 to +45 pips trades go to break even before getting rather hostile. Follow through has been dismal. However, things have been fantastic during the Asia and NY markets. Today we finally saw some decent London liquidity in play and found ourselves actually having to pick and choose what to do. In this video I demonstrate how I got into the AUD/USD long in the pre-European session, took profit (a bit aggressively I must say in hindsight), and then planned along with the room, then later executed a continuation long attempt around multiple layers of support. Overlapping levels of support/resistance. I always find are the easiest time/places to take entries. The EUR/USD, GBP/USD, and most other USD pairings really took off during the same time into the London lunch. Overall, as long as you got creative taking profit, it was an enormously better London than the prior few days. Glad to see money coming back to London. FXBootcamp London Currency Coach- Christian Stephens
A look at the currency Pre London Traiding
After EUR/USD finally broke a well established ascending triangle on the Daily chart yesterday, we were looking for a retest of the break area to hopefully snag a high probability entry for continuation onward to and through 160. Using Fibonacci retracement levels, psychological level of 159.00, multiple ema’s on 1, 2, and 4 hour charts, and daily pivot points, we were able to identify an area of immense overlapping support. As the bollinger squeeze began, stochastic & macd divergence indicated a rise was imminent. All we needed was that quick pop to support for the high probability setup to play out to the upside, risking approximately 25 pips to gain 100+. The trade ultimately offered a simply perfect entry and gave us an easy 80 pips however, eventually reversing before ever touching 160. Nevertheless a high quality, high probability setup, which was able to be planned at least an hour in advance. What more can you ask for, even with the failure of continuation, it was an easy 50 pips nonetheless.
Today was fun from Asia into London and just kept getting better. The EUR/USD finally broke the 1.4150 zone and it’s recent 4hr price trap which gave us permission to put together bullish plans for the remainder of the day. Also, the GBP/USD, while also initially long from Asia and London, finally reached some nice crystal clear Overlapping resistance at 1.6150 zone. Weekly Central Pivot point, Daily R2 Reversal Pivot Point, long term role reversal, 38.2-50% long term Fibonacci pullback zone, mid point psychological level, Daily 21ema, EUR/GBP breaking it’s trap to the upside, weak USD… You name it, it was overlap central of resistance reasons. Not only did we put together a shorter term scalp short, but also a much more conservative Double Top entry that continues to dive as of the making of this video. Patience paid off today, and likely will reward even more in the days to come. Have a great weekend! FXBootcamp London Currency Coach- Christian Stephens
Not too long after London open, and the Eurozone IFO data was released, the Eur became a bit bullish and the Japanese Yens became weak, which was a nice recipe for a Eur/Jpy long position. In this video we show how even if one had missed the first long opportunity covering some 80’ish pips… Using Extreme patience awaiting a Fibonacci pullback that seemed to Never arrive, but finally did, we were still able to find a high quality, high probability setup. This entry we waited forever and a day for ended up paying off nicely with 60’ish pips, and later gave yet another pullback which took us higher during the recording of this video. Never chase price is the motto, this setup shows how patience & discipline wins the day. FXBootcamp London Currency Coach- Christian Stephens
With the markets in the world dropping 7-10% overnight again, things were very choppy as expected during today’s London session, NY should be the place to be today. Basically we had ranges all over the place, and had to stick to a pure support/resistance strategy in our planning. In this video I demonstrate how we put together a long trade setup on the Eur/Usd, planning for continuation. This video shows the importance of locking in break even after some profit, and locking in some profit along the way. As once we got 50ish pips in profit, things abruptly turned against us. Our number one goal at bootcamp is Capital Preservation. Without profit stops a loss would have occurred. Overall the plan that had a first target of 75 pips made it to 54 pips before reversing. Worse case scenario for most was a MAP stop of +15-20 pips. (MAP = Minimal Acceptable Performance of 15 pips.) What a crazy week indeed, be careful in NY today folks. FXBootcamp London Currency Coach- Christian Stephens