Hello everybody. If it isn’t broken don’t try fix it!! Today I build a few trade plans around the weak pound. Although I think the Pound drops are overdone, there is no need to think this currency is going to get strong any time soon. I hope you enjoy the video; I take a detailed look at Cable, GBP/JPY and GBP/CHF. Good luck today!! David Pegler

A news-free Monday of a holiday week at year-end can make for some tough trading conditions. The first two hours of the New York session was slow going for the EUR/JPY, as price action for that currency pair was defined by a 15-pip range prior to the opening bell for US equity markets. An increase in volatility after the bell led to a break below a trendline which had supported the euro yen since the London open. Traders who took the trendline re-test, then stayed in the trade until the London close, walked away with nearly 50 pips.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

Our first day back trading after the Christmas holiday still finds us, as expected, in a relatively thin trading market. That being said, Capitol Preservation is our primary focus this week without a doubt, no need to take silly risks. In this video I discuss in great detail how we spotted initial British Pound weakness during the London open, and how we translated this weakness into two technical short entries using the GBP/JPY pair. The hardest part was simply having the patience to wait for the pullbacks, which both happened eventually, a price chaser got hurt here most likely. However, with the market being so thin, profit taking was far trickier than normal as you could have easily watched 60+ pips profit stop you out break even twice. Jack be nimble Jack be quick… nothing wrong with a few 50-60′ish pip scalps, hey it all adds up at the end of the day.

Happy Holidays!!

FXBootcamp London Currency Coach-
Christian Stephens

Hello all!! We are almost there, a few more days of these thin trading conditions and we should be back to normal. For the interim we have gone back to some old themes. Gold up and the USD down. Today’s trade plan capitalizes on the strong Euro and relatively weak Yen and USD. I make use of daily pivots, fibs and broken visual resistance to put together a practical Euro Yen trade plan. Good luck!! David Pegler

Weekly Pivot Points*
December 29, 2008 to January 2, 2009

* - Based on a trading week starting on Sunday at 21:00 GMT and ending on Friday at 21:00 GMT, using price data from GFT’s DealBook 360 platform. To convert GMT to your local time, go here.

Seasons greetings to everybody!! After 2 days of consolidation for Euro Yen, perhaps today is the day for this pair to shine. I make use of a simple price trap and Fibonacci to put together a trade plan for the day. Please be careful in these obviously thin markets, better trading conditions are around the corner. Good luck and enjoy!! David Pegler

Considering the Holiday week we are currently within, it should not be a surprise how we find ourselves in a relatively ‘thin’ trading market. Certainly most of the big money is sidelined right now as people spend time with their families, as they should. With this in mind it is not unwise advice to protect your profits perhaps a little more aggressively than normal, and not necessarily expect incredible trend swings during the majority of this week. Opening the London session today we found ourselves in a small identifiable price trap that wicked through the top of the trap just before the London open. After a rather violent 50 pip drop after the high price bounced hard off of the 1.4800 area. In this video I highlight how from this point we put together a trade plan with a fairly high probability of success for what resulted in a 60′ish pip trade. Not a steamroller thats fro sure, but in a thin market 50 pips here 60 pips there is what it’s all about.

Happy Holidays!!

FXBootcamp London Currency Coach-
Christian Stephens

Hello all, today I draw up a pretty simple trade plan for Pound Swissy. The obvious Pound weakness has been the prevailing theme no question, however today we potentially have a double bottom forming on the hourly chart. I make use of fibs, pattern recognition and visual support and resistance to help devise a realistic trade plan. I hope you enjoy the video!! David Pegler

No major US news reports on a Monday of a holiday-shortened week suggested a potentially uneventful New York session. Fortunately, one theme was clear at the start of today’s session: a weak British pound. A role reversal scenario set the stage for a short trade on the GBP/USD during the mid-morning portion of the session. The move yielded up to 100 pips [depending on entry and exit] before profit-taking lifted the pound prior to the London close.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

Happy Monday all!! Today we were greeted by some fairly aggressive gold and expressly Euro moves relative to the USD and the Yen. The bounce at the open for Euro was not surprising given where we are technically, however it’s left us in “no man’s land”. Let the Fibonacci wars begin. I make extensive use of fibs to build a Euro USD trade plan for today and the week moving forward. I hope you enjoy the video!! David Pegler