Hey everyone. Today I build on yesterday’s look at Euro Yen. It’s a video trade plan that is built on the raw basics. I make extensive use of price action and Fibonacci. Things have been challenging lately and hopefully I shed some light on how to handle our present set of technical’s. Good luck. David Pegler

Following several hours of selling pressure on the world’s reserve currency during the Asian and European sessions, the US dollar stabilized against the major currencies during the first 3 hours of today’s New York session. A double bottom on the USD/CHF currency pair at a weekly pivot point and a key Fibonacci retracement level set the stage for a 50-pip counter-trend trade at London close.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

As London opened today, the longer term 4 hour and Daily charts gave us every reason to believe it would likely be a difficult London session, since we were quite sandwiched between support/resistance on several pairings. As London was opening however, we were able to identify a price trap/triangle on the EUR/USD that looked promising if we could get a break. Using trap projections we were able to determine before ht ebreak a potential of 75 pips or so either way once a break would occurred before hitting any meaningful support/resistance to counter the move. Sure enough we did get a breakout of this trap just as London money entered the marketplace. Once the break occurred, all that was needed was a great deal of patience awaiting the high quality pullback to an overlap of several ema’s around the 50% Fibonacci pullback zone, along with correlation with the USD/CHF hitting it’s ‘Fib’ and 200 ema at the same time. In this video I break down, in great detail how we put this trade plan together start to finish, and how we then executed our entry into the long around the 1.3258-60 area. While this trade offered us a quick pip total that allowed for us to move our stop to break even, it did take a couple hours to ultimately reach our objective before pulling back half the distance it had gained into the open of the New York session. Overall the market was very difficult tonight but patience and discipline won the day, and this trade paid nicely.

FXBootcamp London Currency Coach-
Christian Stephens

Hey everyone. For today’s video outlook I analyze the Euro Yen cross. It’s an interesting little trade plan today because we are being challenged in terms of relating the short term and long term charts to each other. I rely on basic price action for clues and draw from all timeframes. I hope you enjoy this one. Good luck today!! David Pegler

Rinse and repeat – that’s what you might call the approach to trading today’s New York session. During the Asian session, the Japanese yen had already staged a rally on the order of several hundreds of pips against multiple major currencies. A counter-trend long trade on the GBP/JPY was the feature setup during today’s London session, and New York was basically a carbon copy. A conservative combination of entry and exit on the pound yen produced a 90-pip profit prior to the London close.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

Asia into pre-London today continued the sell off on the Japanese Yen pairings from Friday’s fantastic drop off the daily resistance. The end result is we found ourselves at definitive support in pretty much every flavor on the Yen pair longer term charts, such as new weekly pivots, and long term trend lines. Opening a major market such as London “ON” support will generally lead to a rise before ever having a chance to fall again (due mainly to profit taking), such as a longer term Fibonacci pullback etc. Well since our London session is only a few hours long you have two choices. Either wait for the eventual longer term pullback entry, which could take until New York or never come, or conservatively set up high reward/low risk counter trend trade plan’s hoping to take advantage of the mass profit taking going on. While we covered multiple pairs in the session, in this video I focus on just one of these pair’s, the GBP/JPY. Using thing’s like, price trap’s, higher low’s, and Fibonacci on shorter term time frames we were able to plot a nice profit potential trade with a very low risk entry that ended up working out very nicely for around 125 pips if entered properly. Also this is after first being stopped out break even from an earlier attempt. Trading is hard enough as is, counter trend however requires an even more disciplined approach. Once we hit our target, early in the New York session a high quality re short into the direction of the original trend on the 4 hour did indeed present itself.

FXBootcamp London Currency Coach-
Christian Stephens

Weekly Pivot Points*
March 30 - April 3, 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.

Average Daily Ranges*
March 30 - April 3, 2009

* - Based on GFT DealBook 360 price data from February 9 through March 6, 2009. “Upper BB” predicts the maximum daily range for 95 of every 100 trading days, and is calculated by adding 2 standard deviations to the average daily range.

Hello everyone. For today’s video presentation I take a look at the Euro USD and briefly discuss some Yen technicals. The Euro is sitting in what looks like a classic 4 hr flag pattern. I build a trade plan that we either trade a bounce or a breakout. I hope you enjoy this brief video today. Good luck!! David Pegler

Today’s New York session featured a US dollar rebound from very logical technical levels on multiple major currency pairs. As the USD/CHF reached an uptrend support line and the EUR/USD reached the top of a channel, the GBP/USD hit an intra-day double top. The dollar’s rebound accelerated as the yield on the 1-month T-bill went negative, fueling risk aversion. A short trade on the pound involving a conservative entry/exit strategy yielded a 100-pip profit.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst