After spending nearly 24 hours in a 30-pip range, the USD/CHF broke below the central pivot point before the open of today’s New York session. Fortunately, a second-chance entry emerged conveniently at the open of the session. The Swissie then “rode the 5” in a classic M3 to M1 move which netted roughly 40 pips [depending on entry].

The start of our coaching session has us too late to take advantage of the current downtrend in the AUD-USD. However, longer term analysis points out to a key support/potential reversal area, when combined with Daily Pivots provides us with a very good entry to the upside for about 50 pips.

We put a test trade plan into action in the face of resistance for the EURUSD. We cover points as to why we would take the trade and why we handle it as we did.
Nice little “Welcome to Forex” Surprise for us.

Today’s New York session saw two major U.S. news releases. Worse than expected durable goods figures sparked a breakout move in the direction of the prevailing trend. The all-time high [reached earlier in the week], average daily range, and a pivot point helped predict a target which maximized profit for those traders who took the news trade. The subsequent report on new housing sales, generally expected to be the headline news event of the day, failed to inspire traders as the market consolidated into London close.

After an extremely volatile NY session yesterday many pairs were consolidating a bit before deciding what to do next. During late Moscow/early London session time frame many pairs began their journey onward. One of the trade plans we put together in the classroom revolved around the EUR/JPY. This pair offered evidence of a likely breakout on the next 15minute candle, then immediately performed as expected. Even if members decided to await the actual breakout, this pair offered a retest with confirmation on a smaller time frame chart for entry. Either way most members at bootcamp were able to take advantage of this smooth trade that simply glided upwards all night riding the 5ema to our pre-determined take profit zone. Just one of a half dozen quality trade setups the market offered us today, netting members 80-100 pips depending on entry/exit. Gotta love moves like this, it really does not get much better than this.

What a fun day it was today. Chop chop…
A quick overview of two trades we looked at - GBPUSD bounce down off the 21ema, Trendline breakout of AUDUSD. Both trades soon follow through with being knocked out at BE. BE = WIN in my books!
Enjoy

Today we look at the AUDUSD and although lightly discuss targets, focus more on the concept of locking in Break Even.

Please enjoy the video.

The USD/CAD had already exceeded its recent average daily range when it reached the M1 pivot point and the 121.4% Fibonacci extension of yesterday’s range at the open of today’s New York session. After the Loonie’s response to Canadian retail sales news failed to break those levels of support, the cross of the 5 EMA and 8 SMA provided the final confirmation for traders seeking a long trade. The Loonie ran out of steam just prior to London close, so the trade’s 70+ pip potential was not realized. However, a profit of at least 15 pips was attained by those traders who executed proper trade management.

The EUR/USD had been riding the 5 EMA on the longer timeframe charts throughout the day’s prior trading sessions. A bounce on the 21 EMA and subsequent 5/8 cross appeared just before the New York session began. Traders who took the entry at the 5 EMA enjoyed a quick ride to the 1.43 area – a new all-time high for the euro. The outcome: 30 to 40 pips (depending on the exit strategy).

Swissy, some commodity, and yen related pairs had some nice movements throughout the Moscow/London sessions. However, in this video we highlight how we put together 3 different trade plans on the GBP/USD after the much better than expected British Retail Sales report was released at 4:30am EST. With Capital Preservation our number#1 goal at FXBootcamp, I think it is important to focus on trades that do not always work as planned along with the successful ones. With proper trade management, even with a trade not working out, ‘Break Even’ is often as bad as it will get. B/E is not a loss, and people should be proud of themselves for properly managing each trade.