FOREX Training Video | London Session April 17, 2008

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.

Category:

Education

Tags:

• EUR/USD
• triangle
• retest
• fibonacci
• central
• pivot
• divergence
• continuation
• London
• FX
• Bootcamp
• Forex
• Chris
• Stephens

[mrtrock]

thank you kind sir for the great videos!