Asian Session: Live Market Analysis
by Dr.S.Sivaraman
November 23, 05:00 GMT
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During the previous two London sessions, and all of the currency market hours in between, “sell the yen” was the ticket for traders. Although the first quarter US GDP headline figure was worse than forecast, the underlying data left the door open for New York traders to take up where London left off. A 110-pip long trade on the EUR/JPY followed a bounce from support at the opening bell for American stock exchanges.
Curt Wehrley
FX Bootcamp’s Quantitative Analyst
Hey all, our little trade plans worked out beautifully yesterday, let’s hope that we can repeat the performance. For today I have constructed a trend following trade plan for the Pound Yen. I make extensive use of Fibonacci, EMA’s , basic price action as well as support and resistance. Good luck today and I hope you enjoy the video. David Pegler
Today’s London session began in a quite volatile manner on many pairs, after a relatively flat Pre-London session. While there were a few setups, in this video I focus entirely on a quite obvious 15minute symmetrical triangle price trap on the EUR/USD. As the London money was flowing in we created a tighter and tighter apex, at one point just 15 pips or so wide. In the video I demonstrate how we planned our target at today’s M4 pivot point using trap projections, waited for the break of the price trap, and use a shorter term chart along with Fibonacci retracement levels to execute our 3.5-1 reward vs. risk entry. Ultimately our target was reached for our 50′ish pip trade, or even if one had taken profit aggressively should have been at least a 40′ish pip trade. This long by no means ‘HAS’ to stop at the M4, yet if that was your plan, you should stick to it always. Planning your trades, and entirely sticking to your plans will greatly reduce the stress in trading the Forex market. Not the biggest trade in the world, but as seen in the end of the video, the bigger EUR/USD trade may be just around the bend.
FXBootcamp London Currency Coach-
Christian Stephens
Hey everyone, I continue with the Pound theme today and build on yesterday’s Pound Yen, Pound Swissy and Cable trade plans. I am recording this video a few hours earlier and it’s made my London read on the market a little more challenging, therefore I have adopted a simple breakout strategy for all 3 pairs. Cable looks particularly interesting, with as much consolidation as we have on a 4 hr level, an explosive breakout seems likely. I hope you enjoy the video!! David Pegler
Like so many players in recent NBA playoff games, the EUR/USD currency pair put up a “head fake” before making its move. A 50-pip drop just before the New York open managed to break the weekly S1 pivot point, but found a plethora of buyers waiting at a 7-week uptrend support line. Traders who went long on the euro scored a 90-pip trade.
Curt Wehrley
FX Bootcamp’s Quantitative Analyst
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Hey everyone, for today’s trade plan I have prepared a modest Pound buffet. I take a look at GBP/JPY, GBP/USD and GBP/CHF. Although well correlated with cable they each have their own individual technical setups today. I have identified these setups and tried to draw up a few simple trade plans. Good luck and happy trading. David Pegler
Hey everyone, for this Monday presentation I take a look at the Euro Dollar. We appear to be in “retracement mode”, therefore I’m looking for reasons to short the euro down to longer term fibs of the last overall rise. Additionally I have identified a very logical breakout trade plan for the Pound Yen. Nothing particularly complicated, support, resistance and Fibonacci. Good luck and I apologize for the poor sound quality today. David Pegler
Weekly Pivot Points*
April 27 – May 1, 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.
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