The US dollar had attempted, but failed, to make new gains against multiple currencies for a full round-the-clock cycle. During the final hour of European trading, the USD bulls seemed to give up, and the bears stepped in. Currency correlation, identification of basic support and resistance, and a Fibonacci study contributed to creation of a trade plan to go long on the GBP/USD currency pair. Those traders who took the shot, then closed the trade at the next significant level of resistance, earned a 60-pip profit at today’s London close.
Originally posted 2010-04-02 20:39:28. Republished by Old Post Promoter
At the open of today’s European session, major central banks announced a coordinated move to improve liquidity conditions in the global financial markets. The EUR/USD rose in response and managed to break above resistance of the 100-pip range which had defined the pair’s previous 12 hours of price action. A 100-pip trade was the outcome for traders who executed a long trade entry at the re-test of resistance, then took profit at the daily M4 pivot point.
After sliding nearly 120 pips during today’s London session, the EUR/USD currency pair spent much of the New York session clawing back half of that drop. That euro recovery set up a 40-pip short trade, which came together during the hour before the London close.
London today opened with the British Pound/USD pairing stuck in a little triangle, price trap. Just as London opened it seemed to breach the upper resistance of this trap , but quickly proved to be a fakeout when we awaited a pullback. In this video I show how, in great detail, how we were able to stay out of the long, and build a solid tradeplan on the break either way of the trap. Sure enough we got a break on the next test of the bottom, awaited a Fibonacci pullback to the now broken trendline, and it was pretty much straight to our projected target in no time after that. Having solid patience and discipline in this setup led us to a very high quality pullback entry risking 22 pips or so for an 80 pip reward, London could start off worse eh? Good stuff. fxbootcamp London Currency Coach- Christian Stephens
Originally posted 2010-03-02 20:37:52. Republished by Old Post Promoter
After yesterday’s break on the GBP/USD of the Daily chart channel top, and subsequent hit of the Daily 200 ema, we were poised for possible short trade setups after a 15m lower high developed. We were anticipating a retest of the Daily 5ema zone, channel top retest, as well as the 4hr 21ema, and 38.2 Fibonacci pullback, before any possible larger rise. As technical as we were set up to be, we were slapped with some surprise Fundamental news, when S&P downgraded GBP, citing debt was nearing 100% GDP. This news sparked an immediate weakness in the British Pound Sterling across the board, on any pairing. While there were some ways to wiggle into this short, it truly covered 200+ pips in 5 minutes, it was very quick. This Fundy news took us too our overall short target much faster than ever anticipated, but yet we found ourselves at substantial support on the GBP/USD pretty much right away. In this video I show how we determined a take profit scenario on the short, and subsequent long opportunity to take advantage of the cashing out going on. This long produced anywhere from 75-135 pips depending on profit taking strategies. This was such an overlap of support that once we saw higher lows develop on the 1m chart it was pretty much all that was needed to take the chance, with a 30-40′ish pip risk for 75-150 pip possibility, nice risk vs. reward. Nevertheless I show how we entered this using a simple Fibonacci study along with actual price action in those zones. Additionally in …
As we opened the London session today, we found ourselves a country mile from today’s Daily 5 ema, looking temporarily exhausted on the Eur/Usd, and Gbp/Usd, along with a few other pairs. In this video I will focus primarily on the Eur/Usd, and how we planned a conservative Fibonacci pullback trade entry risking 25 or so pips, while targeting the 4hour 21 for a 75-100 pip reward. Pay close attention to the fact that this entire trade plan begins with activity on the Daily and 4 hour charts, then we use the hourly Bollinger Bands, along with 15 minute lower low’s to give us our precise trade plan. Only then do we then use a short term, 1 minute chart in this case, to actually execute our trade entry based on short term price action at our planned entry zone. I say this because it is far too easy for someone to end up trying to build trade plans from short term charts. It’s far more reliable to plan on the big picture and only use the short term to pinpoint entry/exit triggers from those longer term plans. This same setup was apparent on many pairs today, and it turned out to be a very very nice day over all pairs. Yet even if you had only traded the Eur/Usd it was a good day indeed, let’s see what NY does from the 21ema. FXBootcamp London Currency Coach- Christian Stephens
The US dollar continued its recent strength across the major currency pairs during a day light on economic reports. A blend of fundamentals and technical analysis pointed to the EUR/USD as a viable prospect for a short trade at the open of the New York session. Pivot points and currency correlation provided excellent guidance on selection of the profit target for a 60-pip trade on the euro.
Originally posted 2010-01-08 20:44:44. Republished by Old Post Promoter
The US dollar posted a modest recovery during today’s New York session. A trendline re-test on the EUR/USD currency pair was the basis for a 40-pip short trade which ended at the 5 EMA on the daily chart.
Originally posted 2009-12-15 20:38:26. Republished by Old Post Promoter
The EUR/USD, which had been rising since the London open, managed to make a higher high during the first hour of today’s New York session. However, technical and fundamental analysis suggested that the recent rise might be merely a correction in the drop which began the previous day. The euro’s rise ended at exactly the 50% Fibonacci retracement level of that drop, and the continuation which followed produced a classic three-wave impulse pattern which reached the daily S2 pivot point at the London close. Those traders who took the shot and let the euro run, were rewarded with a 200-pip profit.
Some recent economic green shoots have been turning brown, but not all. Results from the New York Fed’s Empire State Manufacturing Survey in April suggested less bad conditions for a second straight month, sparking renewed pressure on the Japanese yen. Within minutes of the news release, synchronized pullbacks on the yen crosses provided long trade entry opportunities the best of which was a 100-pip scalp on the GBP/JPY currency pair. London close brought another 100-pip trade on a currency pair not known for such moves…watch the video to discover the clues which pointed to it.
