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Not too long after London open, and the Eurozone IFO data was released, the Eur became a bit bullish and the Japanese Yens became weak, which was a nice recipe for a Eur/Jpy long position. In this video we show how even if one had missed the first long opportunity covering some 80′ish pips… Using Extreme patience awaiting a Fibonacci pullback that seemed to Never arrive, but finally did, we were still able to find a high quality, high probability setup. This entry we waited forever and a day for ended up paying off nicely with 60′ish pips, and later gave yet another pullback which took us higher during the recording of this video. Never chase price is the motto, this setup shows how patience & discipline wins the day.
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After the Yen pairs retraced a bit from Thursday’s NY lows throughout Asia, we noticed some clues on the GBP/JPY that maybe the retracement was going to extend through London. Using some short term indicators as well as divergence gave us the clues and the price trap we needed. Using a simple 2 minute chart MACD cross, along with a Fibonacci retracement after the breakout/cross offered us the very repeatable low risk/high reward type setup that ultimately paid off in the form of around 190 pips depending on profit taking. 190 pips for a 30′ish pip original risk, not too shabby. Have a great weekend folks.

FXBootcamp London Currency Coach-
--------- Stephens

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In this video we highlight how we picked apart the GBP/USD all night long in once it broke it’s 2-4hr trend line to the downside. Using ema’s (gotta love the 21), bollinger bands, and primarily Fibonacci retracements there were numerous entries/profit exits on this pair throughout the session. Every move offered a quality Fib pullback but you HAD to be on your toes and have your plans in place ahead of time to take advantage of them, no time to ‘think it over’ at crunch time. Ultimately the pair could not convincingly break the daily S1 pivot point, and clear the bottom enough to void a double bottom. However, using all the clues available to us, some shown in this video, we were able to take 50 pips here, 60 there, 40 here, and they sure ...

Pre London Outlook November 17th 2008

Happy Monday all!! I quickly cover Friday’s trade plan then go on to talk about a very simple Aussie Yen setup today. Well worth keeping an eye on the 10 yr T note, we trying to form a double top. That has widespread implications for all the markets today, including the currency market. Good luck this week and enjoy!! David Pegler

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