FOREX VIDEO - London Session Review - September 16, 2009

While we continued to short the (insert your favorite yen pair here) during the Pre-London and into early London sessions, we found ourselves reaching an important area of support on the USD/JPY not too long after the London open. Even though everything on the Yens looked to continue to the downside, this support was very close to the big psychological level of 90.00, along with a multitude of overlapping support (Long term 78.6 fib, trendline, S2 pivot, etc.) all being struck just after a major market open. While we did not expect any kind of instant reversal, there certainly were reasons to look for clues of profit taking around this support and possibly translate that into some short term longs on GBP/JPY. At least until we could find dynamic resistance to re short the thing. So in this video, I highlight how we took profit on our original short pre-London, longed off support using a higher low for entry, took profit around 50 pips and re shorted for 50 pips, only to long a 15m Higher Low again, and shoot for more pips to the upside. It was a difficult session to hold onto anything but if you were nimble the pips were there for the taking.

FXBootcamp London Currency Coach-
Christian Stephens

Category:

Education

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• GBP/USD
• GBP/JPY
• USD/JPY
• support
• Fibonacci
• HL
• trendline
• reversal
• scalp
• news
• Forex
• FXBootcamp
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[SAMMY12161969]

the system that your are teaching is based on nothing more than a price chase, and see if you get lucky.

based on what you are teaching you students must be losing thier butts off.

[fxbootcamp]

'Price Chasing' is simply the worst kind of trading anyone can ever do, and is the exact opposite of what we teach. Now if you said I am an addict for building trade plans based on Fibonacci pullbacks off of support or resistance, after directional clues have been given, then you would be correct. I am sorry but we in NO way price chase in our class ever.

Coach Chris

[afarghaly9]

Thanks again, and again, and again, and again! lol cannot get enough of your video's of my very favorite session.

[vam1996]

thanks Chris

[arseneremy]

Good vid. I had a hard time looking for beast longs last night. with cable fundamentally weak and yen technically strong, i tried staying way from this pair. good trade and as usual, great explanation.

[gomerp13]

good stuff. As a BC member i know it def was not price chasing. Maybe you had to be there live to believe it.

[pwlco1]

Thanks Chris. Always helpful.

Patrick L

[kjguest30]

Chris, thanks for the analysis.

[FX582155200]

Thank you Chris, your trade analysis is very helpful. It was nice to see, that I on my own was creating the same trade plan as you did-( 2 years of bootcamp). By the way, congrats on your„ piece „trade,- GBP/JPY 150,00. Just the way you thought.