FOREX VIDEO - London Session Review - August 13, 2009

As has been the theme for a while now, we opened London continuing a long GBP/USD, and long GBP/JPY that began in early pre-London trading. As London opened, we found ourselves retracing perfectly to our Fibonacci retracement zone along with the 15m 21ema. This pullback was happening without actually reaching resistance at 6610-6615 first, so we felt very confident in building a trade plan for longing off support, targeting at least this resistance. To make things even more interest, as depicted in the video, we observed very obvious MACD divergence with price action on bot the EUR/GBP and GBP/CHF 2 hour charts, which both were indicating British Pound strength was likely on the way for a bit. Our first pullback entry netted us maybe 30 pips tops before making an overall lower high and stopping us out +15 pips. In this video I highlight in great detail how we built the next long trade plan for both an aggressive style entry, and a more conservative entry, once we respected support the next time. Sure enough we broke the trap, and ultimately reached our target for a nice 70'ish pip trade for most, and even made it past resistance for those that did not take profit.

The money is made in the waiting folks!

FXBootcamp London Currency Coach-
Christian Stephens

Category:

Education

Tags:

• GBP/USD
• EUR/GBP
• GBP/CHF
• MACD
• divergence
• Fibonacci
• pullback
• 21ema
• 200ema
• M4
• London
• Forex
• FXBootcamp
• Christian
• Stephens

[HowToForexTrade]

Thanks Chris Great Vid

[daniel8ish]

good example of divergence thanks for the detail effort for my learning experience

[BestGlide]

Excellent amount of technical - - entry / exit / stop loss / profit target info, etc. - - conveyed in a 10 minute video. I don't often post comments, but I do watch almost every day and will start posting more often. There is no other source on the web that matches the quality of hands on trading info you guys at fxbc provide. Thanks very much.

[TheDystopiaInside]

Good info as always on S+R, fibs, etc, but I really got lost in this one.  There was the peak at pre-LN near 1.66, then there was a lower high, a second lower high -- meanwhile there were three higher lows in between. I kept having to rewind the video to really get at what was going on and trying to figure out which fibs you were using for which peaks. I guess it might help if you show the overall picture a little more or reference the pre-LN high when you open a new chart.

[asturius]

Another fine presentaion. Thanks Chris

[pwlco1]

Thx Chris. Very educational as always.

Patrick

[headoflegal]

Great Stuff!

[fxshinobi]

Thanks Chris , very informative video as always.

[coxyj1]

nice video,thanks