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Published on Jan 14, 2009
At today's London Open we found ourselves breaking a channel to the upside on the GBP/USD, but at the same time fast approaching the 15m 200ema, 38.2 Fibonacci retracement level of the last couple days range, among other levels of resistance. All of these areas found themselves overlapping one another right around the 1.4700 psychological level. In this video I show in great detail how we saved ourselves from falling for a long after a pullback on this resistance, and actually gained the technical ammunition we needed to build a high quality short trade plan instead. Once this plan was triggered by the breakage of the lower trendline, all that was needed was a pullback to 1.4600 for entry. This trade, with an over 3-1 reward vs. risk ratio ended up coughing up a nice high quality, and rather fast 110 pips from this pullback entry, even after missing the first 100 pips off the 200ema. Quite a sweet trade that in real time offered a few 'reload chances as well. Great day indeed.
FXBootcamp London Currency Coach- Christian Stephens