As Pre-London was wrapping up and the London market was preparing to open, we started to see some clear strength on the British Pound Sterling against all comers. Once direction was given, a very quick but clear 50% Fibonacci pullback was offered but only very briefly for those that were prepared for it in the first place. However, if this entry was missed one had to wait nearly 2 hours for the next logical shot on a pullback off of a completely closed hourly Bollinger Band. Here is the rub though, this perfect 50% Fibonacci pullback that occurred 2 hours later happened just 2 minutes before the MPC Meeting Minutes release. So while it was a technically perfect entry, you had to be willing to take the added event risk of the news, which just so happened to go in our direction. You did have time to decide this ahead of time though, as the charts were definitely telling us this scenario was a likelihood.Quite often in fact, you will find perfect technical entry points right before a news event. However, in this case we still felt the odds were in our favor as I describe in the video. While we covered all GBP pairings, in this video we focus on just the GBP/USD setup and every detail involved in the planning, execution, and exit of the trade.
FXBootcamp London Currency Coach-
Christian Stephens
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More of the same today on the collapse of the Yen pairs, or so it seemed it was setting up to be. With Asia into Pre-London buying up the Yen pairs into the London open, London traders started their day at Fibonacci resistance, how perfect for some shorting to take place. In this video I show how even if one missed the initial entry, which was easy to do with the volatility we were seeing at the time, keeping a cool head and staying focused on the plan allowed us to capitalize on the second chance pullback paying off in some nice pippage into the London lunch.
FXBootcamp London Currency Coach-
Christian Stephens
Pre-London extended us very well on most pairings tonight. Leaving London nothing to do but counter-trend these trades back at least to area’s that were more comfortable to re-enter the directional trends still in progress. Since I have covered some counter-trend trades in a few recent video’s, in this video I will focus more on the re-entry of the trend trades. While we covered quite a few pairs today in class, in this video I focus on two of them, the GBD/USD and the EUR/JPY. We talk about how we built our trade plans on these two very different pairs, what exactly we waited for and, eventually what triggered our entries. Both of these trades are still in progress as of the making of this video, so no telling where the final profit take will be, yet both trades ultimately offered more than enough opportunity to lock in enough pips to make the trade worthwhile.
FXBootcamp London Currency Coach-
Christian Stephens
