FOREX London Session Video January 14, 2008

With a cue from USD/JPY starting to drop late in the Moscow session, we were able to build a trade plan on the weak British Pound and Yen as well. The GBP/JPY had bounced off of a 61.8 Fibonacci retracement Friday, filled a tiny gap from Sunday, and was then hovering around it's 38.2 today. With the USD/JPY diving, building a plan to short the GBP/JPY seemed valid since it had not yet taken off as the USD/JPY had. Using Fibonacci retracement/extensions, bollinger bands, stochastics, and daily/weekly pivot points we were able to build a solid low risk high reward plan. The we simply did a 'Ride the 5' ema all the way to our 138.2 Fib extension for a sweet 200-225 pip trade. Does not get much more straightforward than this.

Category:

Education

Tags:

• GBP/JPY
• USD/JPY
• Fibonacci
• retracement
• extensions
• pivots
• ema
• bollinger
• band
• London
• Forex
• FX
• Bootcamp

[fxbootcamp]

Hmm Unsure why the video had some encoding glitches there, sorry about that.

[inflxshn]

Charts are spaghetti, obviously addicted to indicators, obscure fib levels with no indication of methodology. Seems to talk fast to cover up not saying anything of relevance. Posteriori analysis is of no use.