FOREX Training Video | London Session May 29, 2008

Just as the London session was beginning we had a few early starters making an initial break. One of these was the EUR/USD which was essentially poised to continue it's ride south 'riding' the 5ema on the Daily to at least 1.5560, likely eventually to 154.50. To start the day EUR/USD bounced off a 38.2 of yesterdays range, and the hourly 21 clearly showed it was in charge. After a few lower hourly high's we had a fresh 5ema/8sma cross on the hourly and we were off. Then it was a simple matter of loading up on the quality Fibonacci retracements offered to us. First being after the initial break at the 50% area of the last swing around 1.5640, and the latter was a sweet reload around the 61.8 fib at 3am or so 1.5608-11. The latter entry had the added advantage of additional resistance there such as an overlapping 15m 21 ema, hourly 5ema, 4hr 200 ema etc. As I am writing this we are sitting on today's S2 at 1.5524 threatening a further drop. A fairly painless 75-200 pips depending on how you handled profit taking/reloads etc.

FXBootcamp London Currency Coach-
Christian Stephens

Category:

Education

Tags:

• EUR/USD
• Fibonacci
• pivot
• London
• Forex
• FXBootcamp
• Christian
• Stephens
• continuation
• reload
• 5ema
• 21ema

[beverlyhills1234]

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