FOREX VIDEO REVIEW: London Session February 20, 2009

The GBP/USD, just after the London open today, had bounced convincingly off of the daily M1 reversal pivot point which overlapped with a very noticeable 2 or 4 hour trend line. Shortly after which, a better than expected Retail Sales number from Great Britain catapulted the Pound even further northward through the 15 minute 200ema, but just shy of the next level of resistance at the time of 4320 or so on the hourly chart (200ema). These longs were very tradeable using short term confirmation, as well as a news scalp on the Retail Sales release at 4:30am NY time. However, in this video I highlight how, the GBP/USD offered one final solid trade plan opportunity for a short term long position, especially since we were topping out prior to hitting resistance. Using primarily a Fibonacci study of the entire day's range along with overlapping ema/sma's all over the place, we were able to setup a long plan awaiting the 4250'ish Fib zone on the charts. Our initial plan involved approximately a 25-28 pip risk for a minimum of 60 pip gain prior to resistance, with a good shot at completing an M1 to M3 daily pivot theory move, along with a 38.2 to 161.8 Fib extension move for a 100 or so pip target. All that was required for this entry was a little patience to await the entire pullback, and a 1m macd recross. Ultimately this low risk trade paid off well with around 100 pips total profit depending on exit strategy. Great way to end this week's London session!

Have a great weekend!

FXBootcamp London Currency Coach-
Christian Stephens

Category:

Education

Tags:

• GBP/USD
• Fibonacci
• Retail
• Sales
• pullback
• m4
• m3
• reversal
• London
• Forex
• FXBootcamp
• Christian
• Stephens

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