FOREX VIDEO - London Session Review - August 12, 2009

As we approached today's London market open, we found ourselves in a nice continuation short on GBP/USD and GBP/JPY from a late pre-London entry. However, exactly as London was opening we found the GBP/JPY sitting exactly on the daily S2 reversal pivot point, along with also sitting on the weekly S2 reversal pivot point. How often does that occur, not often right? Anyway, we also were sitting on a trend line support for the USD/JPY (daily chart), along with GBP/USD at it's M1 reversal pivot point. That's a very large amount of support to be sitting on just as London money enters the market. So as bearish as we had been prior, the charts were screaming at us to at minimum take profit on our shorts, possibly waiting for a reload later. With the support being so perfect at the open, it also begged for some counter trend scalp action if one was up for it. I do not like to make a video on a counter trend play, as I believe when a trader is first learning consistency, it just should be avoided. However, as one gains experience, there are some nice opportunities, such as this one, that often present themselves. So in this video, which turned out way longer than I would have liked, I focus mostly on how we took counter trend, reversal type entries on the GBP/JPY and GBP/USD off support, both for quick scalp profits exceeding 50 pips each, along with a 100+ pip entry on GBP/JPY afterwards.

Today was a crazy day with a higher quantity of entries than normal, both counter trend, and directional plays, but overall it added up to a very nice pip day if you were on your toes.

FXBootcamp London Currency Coach-
Christian Stephens

Category:

Education

Tags:

• GBP/USD
• USD/JPY
• GBP/JPY
• S2
• reversal
• pivot
• point
• Fibonacci
• counter
• trend
• scalp
• London
• Forex
• FXBootcamp
• Christian
• Stephens

[arseneremy]

Great job at explaining such a complicated trade. I'm getting so much better trading counter trend.

[kjguest30]

Hi Chris, thanks for taking the time to put this video together. Some great stuff in it

[dfcanasvideos]

2 more videos this lenght and there is your DVD lol. Great Chris to much interesting to wonder the time it took. {; < ]

[dealbaedgar]

Great MENTORS!!! Congratulations...

[pwlco1]

Very well described. Thanks for all the dedication.

Patrick

[coxyj1]

thanks good vid

[cool70200]

nice video

[rnp1thx]

We learn so much from you guys!