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Published on Apr 8, 2010
Quite a few trades throughout today's London session, but still was a rather tight/hectic session. One of the pairs we ripped apart all night was the GBP/USD. While we had quite a few entries on this pairing throughout London, follow through seemed to always be difficult. Around 4:30EST we found ourselves right on support at the Weekly Central Pivot point, and Price Trap bottom just as British news was being released. The news reversed us sharply off this support straight to our pre-identified region of resistance around 1.5212. In this video I show how and why we determined we had a change of directions, and how we went about planning, in it's entirety, a long on the GBP/USD going for at least around 60 pips for a risk of near 20 pips. Then it was simply wait for the alarm to go off and handle it. Not too shabby, ended up around 45'ish pips before the rate announcement, so not quite to target but worked out nonetheless. Always be aware and always be sure to have a complete plan so that you do not hesitate when it comes time to ACT!
FXBootcamp London Currency Coach- Christian Stephens