FOREX VIDEO - London Session Review - August 14, 2009

We were kind of direction less for the most part on the majors as we neared the London open today. However, just prior to London opening we had the beginning of a British Pound selloff against all comers. The initial break of the price trap did not offer the high quality pullback we were looking for, so it was fairly easy to miss this nice move, unless you were very aggressive and sold simply at the hesitation. So then we watched as the GBP pairings hit support on longer term charts, such as the EUR/GBP hitting both a daily and weekly R2 reversal pivot point at the same time. We then planned our full move Fibonacci pullback entry for a continuation attempt. While we did indeed get our entries, as you will see in the video, things do not always work as planned in Forex. Not every trade rains pips on us, in fact it was easy to take a small loss on this setup. I still wish to make this video however, so that a) viewers understand not every trade is a winner, and b) if you have a solid plan, and stick to the basics within that plan (such as selling only off resistance or buying only off support), that you can mitigate the trades that do not work as well. In other words even on a no win trade you will often end up + a few pips or break even, instead of some silly big loss. Ultimately the GBP/CHF and GBP/JPY were the only two that really coughed up any pips on our entry, but if one only took GBP/USD, it was a very boring 2 hours of waiting and no rainbow at the end.

Still a profitable night, certainly a downer overall though, but a great week nonetheless. See everyone next week!

FXBootcamp London Currency Coach-
Christian Stephens

Category:

Education

Tags:

• GBP/USD
• GBP/JPY
• GBP/CHF
• EUR/GBP
• Sterling
• R2
• pivot
• 200ema
• Fibonacci
• stop
• loss
• Forex
• FXBootcamp
• London
• Christian
• Stephens

[daniel8ish]

Thanks Chris

excellent learning video finite detail and you are putting a lot of effort to show us from all angle aspect.

[pwlco1]

Chris,

Thanks for showing the whole picture in Forex. High probability doesn't mean always. So many videos always show the winners and new traders feel like they are doing something wrong when a high probability set up doesn't work out. The honesty is greatly appreciated.

Patrick L

[dsturch]

Thanks Christain for showing these videos. Good to see that you played it the same way as I did even though it didn't work.