FOREX VIDEO REVIEW: London Session February 18, 2009

Today we go over a failed trade, one that did not perform as hoped, and how proper management still gave us a few pips to show for it. After some fairly decent pre-London trade setups, and a very strong British Pound break south in the start of London, we found ourselves long GBP/USD back to resistance 90 pips away (nice trade as well), but actively planning a re-short continuation off of a nice Fibonacci pullback zone, and other ema etc. means of resistance overlap around the 1.4195 area. Nearly all of the GBP/USD's behavior up until this point was completely foretold, and confirmed via correlation with the EUR/GBP Using these overlap levels on the GBP/USD, along with the EUR/GBP reacting off support at the exact same time offered us a high quality short entry off the 15minute 21ema. In this video I break down the trade setup in complete detail, how we executed the entry, used the EUR/GBP for correlation, and also what we used to determine that the trade was becoming a failure. Using this information either led us to a manual 30 pip profit close, or at minimum a 15 pip MAP (Minimal Acceptable Performance) trade profit stop out before the pair reversed on us and made a significant higher high past our entry. Not the 150 or so pips profit we were after, but this shows how incredibly important proper trade entry + proper management is.

FXBootcamp London Currency Coach-
Christian Stephens

Category:

Education

Tags:

• GBP/USD
• EUR/GBP
• MAP
• Fibonacci
• pullback
• 21ema
• correlation
• reverse
• fib
• London
• Forex
• FXBootcamp
• Christian
• Stephens

[puretroubleman]

Thanks guys.

[aasa0076]

pip is 0.0001 which 1 pip in 1 point

Fib is Fibonacci theory ,, search google

[mrtrock]

hey pal, when he talks about Fibs he's referring to Fibonacci Retracements. If you youtube it you'll get some tutorials.

Please correct me if im wrong but i beleive he says Pip. and that in forex is the smallest price increment.

hope that helps.

and thanks Mr. Stevens. great videos. thanks kind sir.

[puretroubleman]

could anyone explain what fib and pib mean?

I looked on wiki but couldn't find anything.