London started off kind of slow today and we bounced around a bit looking for strength versus weakness. Most of us were in some sort of a British Pound long from late in the pre-London session, but we were starting to see some clues of exhaustion, time to take some profit, or protect pips. Then we took notice of the GBP/JPY pair particularly starting to show short term MACD divergence pretty much exactly when it was hitting it’s Daily 200ema, previous swing high on the Daily chart, as well as the Weekly M4 reversal pivot point. While none of us wanted to pick a top, that divergence at that resistance was such a clue of a possible impending short trade plan, that any Lower High development on this short term chart was reason enough to give the short a shot with a higher high stop, 20 pips risk or so, targeting about a 40-50 pip move before we reached support again, and we also had British GDP approaching in a half hour or so. The EUR/GBP was also showing a double bottom at 90 cents, as even cable had a short term lower high. This was starting to smell of GBP sell off just before news. Just before the news came out we were 55 pips or so in profit on the GBP/JPY short, definitely protect break even at minimum as news could evaporate all of it, or even take some partial profit. Well the GDP came out negative and Whammo, British Pound ‘Everything’ plummeted 200 pips in no time at all. So what started out as a conservative lower high off resistance trade attempt, turned into a 300 pip trade by the end, or much more if you were in all the GBP pairs. Simply an amazing way to finish a fantastic week, and a reminder to all of us why you let profits run once you have break even or MAP (minimal acceptable performance 15-20 pips) locked in. You never know which trade will be the monster like this. Have a great weekend folks!

FXBootcamp London Currency Coach-
Christian Stephens

We were kind of direction less for the most part on the majors as we neared the London open today. However, just prior to London opening we had the beginning of a British Pound selloff against all comers. The initial break of the price trap did not offer the high quality pullback we were looking for, so it was fairly easy to miss this nice move, unless you were very aggressive and sold simply at the hesitation. So then we watched as the GBP pairings hit support on longer term charts, such as the EUR/GBP hitting both a daily and weekly R2 reversal pivot point at the same time. We then planned our full move Fibonacci pullback entry for a continuation attempt. While we did indeed get our entries, as you will see in the video, things do not always work as planned in Forex. Not every trade rains pips on us, in fact it was easy to take a small loss on this setup. I still wish to make this video however, so that a) viewers understand not every trade is a winner, and b) if you have a solid plan, and stick to the basics within that plan (such as selling only off resistance or buying only off support), that you can mitigate the trades that do not work as well. In other words even on a no win trade you will often end up + a few pips or break even, instead of some silly big loss. Ultimately the GBP/CHF and GBP/JPY were the only two that really coughed up any pips on our entry, but if one only took GBP/USD, it was a very boring 2 hours of waiting and no rainbow at the end.

Still a profitable night, certainly a downer overall though, but a great week nonetheless. See everyone next week!

FXBootcamp London Currency Coach-
Christian Stephens

As has been the theme for a while now, we opened London continuing a long GBP/USD, and long GBP/JPY that began in early pre-London trading. As London opened, we found ourselves retracing perfectly to our Fibonacci retracement zone along with the 15m 21ema. This pullback was happening without actually reaching resistance at 6610-6615 first, so we felt very confident in building a trade plan for longing off support, targeting at least this resistance. To make things even more interest, as depicted in the video, we observed very obvious MACD divergence with price action on bot the EUR/GBP and GBP/CHF 2 hour charts, which both were indicating British Pound strength was likely on the way for a bit. Our first pullback entry netted us maybe 30 pips tops before making an overall lower high and stopping us out +15 pips. In this video I highlight in great detail how we built the next long trade plan for both an aggressive style entry, and a more conservative entry, once we respected support the next time. Sure enough we broke the trap, and ultimately reached our target for a nice 70′ish pip trade for most, and even made it past resistance for those that did not take profit.

The money is made in the waiting folks!

FXBootcamp London Currency Coach-
Christian Stephens

Today was a tough game of support and resistance on quite a few pairs, especially those involving the British Pound Sterling, as the EUR/GBP pairing broke some key support early in today’s London session. While there were certainly opportunities early and often on the Pound pairs, in this video I focus on a late London session trade plan setup shorting the EUR/USD off of the 38.2 Fibonacci pullback zone, which also overlapped with the 15m 21 ema, hourly 5, and today’s central/weekly central pivot points. While this trade ended up not reaching our optimistic target of 1.32 or so, that really does not matter. What matters more is having the patience to wait for the area we had planned for, then having the discipline to execute the trade plan without fail exactly when our clue was given. If properly handled this trade only ended up reaching approximately 40 pips in profit at it’s peak, and with clues on the charts one easily should have collected 25-35 pips on the move overall. Hey, not every trade is a fantastic ride of 200 pips. However, what this trade plan shows is how if you properly build your trade plan around longing off support, or as in this case shorting off resistance, you can far more easily mitigate your overall risk, and end up with a decent trade even when the trade ultimately fails it’s overall destination.

FXBootcamp London Currency Coach-
Christian Stephens

As London opened today we bounced decisively off of the recent range high, which was also today’s M4 reversal pivot point in the 1.4770’s area, and found our way all the way to the bottom of the range in the 1.4640’s region, which has been clear support for days now. In this video I show how we developed a high quality short trade plan after a Fibonacci pullback to the 1.4690 zone where not only the 38.2 Fibonacci retracement sat, but also the 15m 21/55 ema cross there, today’s Central pivot point at 1.4693, the hourly 5, essentially quite a bit of visual resistance overlap. While all of this overlap does not by itself in any way guarantee a drop again, it does stand to reason that GBP/USD bears would find more than a few reasons to take another shot short right there. All that was needed then was a little patience to await price action to work it’s way there, and once it did, all it took was a flash of red on a 1m candle to get us into the short targeting at least a 65 pip or so reward for maybe a 15′ish pip risk, 4-1 reward vs risk, very nice. We quickly found ourselves in profit around 30 pips which offered a perfect opportunity to protect break even, and let the trade continue. As the video shows, in due time we did indeed find ourselves showing hesitation at the hourly 200 ema, and not far off from the weekly central pivot point. Reason enough to snatch up the 60 or so pips we worked hard to extract on this successful trade plan, and with the rate announcement not far off, it was probably better off to take what you can, when you can. Have a fantastic Easter weekend folks!

FXBootcamp London Currency Coach-
Christian Stephens

While we have enjoyed an extended ride back down from the recent high’s on the EUR/USD, today we open the London session showing very clear MACD histogram divergence with the current price action on a 15 minute chart, along with today’s M1 reversal pivot point, the 4 hour 200ema, and the daily 55ema. That is a lot of visual support plus divergence to see exactly at a major market open such as London. With that in mind we went ahead with the building of a low risk high reward, high probability trade plan for longing the EUR/USD. Trading it back at least to the next visual area of resistance around the hourly 21ema. In this video I break down how we built the plan, executed, and protected our pips all the way to our target, and then some.

FXBootcamp London Currency Coach-
Christian Stephens

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

The Eur/Jpy today finally reached it’s 200 day moving average along with an overall 38.2 Fibonacci level overlap in the same area, going back to last year’s highs around 170. Hitting this kind of overlapping resistance gave good reason to look for some nice decent quality short entries, taking advantage of some profit taking from the recent rise. While this move did begin prior to the FXBootcamp London session open, it still offered a quality entry off the lower highs that were presenting themselves all night. The short ended up hitting our immediate target of the hourly 21 ema, for 115 pip or so profit off our last entry, more if you got in pre-London. In the video I highlight how were able to identify a high probability low risk scenario all the way to the pip, giving us a ridiculous 7 to 1 or so reward vs. risk, hard to ignore.

FXBootcamp London Currency Coach-
Christian Stephens

At today’s London Open we found ourselves breaking a channel to the upside on the GBP/USD, but at the same time fast approaching the 15m 200ema, 38.2 Fibonacci retracement level of the last couple days range, among other levels of resistance. All of these areas found themselves overlapping one another right around the 1.4700 psychological level. In this video I show in great detail how we saved ourselves from falling for a long after a pullback on this resistance, and actually gained the technical ammunition we needed to build a high quality short trade plan instead. Once this plan was triggered by the breakage of the lower trendline, all that was needed was a pullback to 1.4600 for entry. This trade, with an over 3-1 reward vs. risk ratio ended up coughing up a nice high quality, and rather fast 110 pips from this pullback entry, even after missing the first 100 pips off the 200ema. Quite a sweet trade that in real time offered a few ‘reload chances as well. Great day indeed.

FXBootcamp London Currency Coach-
Christian Stephens

EUR/USD had a tremendous continuation after the FOMC announcement during yesterday’s NY afternoon trading. So here we are yet again, finding ourselves opening the London session at major long term resistance for the EUR/USD. 50% Fibonacci retracement long term from the 1.60’s high, Daily 200 ema, ripe for a pullback. However, since this most recent uptrend(or long term pullback depending how you look at it)has been controlled mainly by longer term charts, any drop/pullback off the daily could be very difficult to time and manage profits on say a 15m, or hourly chart. While there were several entry opportunities throughout the night on the pair, most of which ended up in minor profit, or break even, in this video we highlight one attempt using a lower high/possible 1 2 3 reversal pattern setup to clue us into the shorter term charts for a trade plan. This plan ultimately netted around 50-60 pips depending on exit strategy. Also, once profit was taken, it allowed one to leave a ‘piece on the table’ for what could later be a much deeper pullback. If all this sounds like too much work, well, welcome to counter trending my friend, never a dull moment and constantly fighting with where to take profits etc. But again, it was the cards we were dealt for London. All British Pound pairings turned out to be the currency pairs to play with last night, nonetheless I think it important to show how we tried to ’stick a short’ on the EUR/USD last night, while limiting risk.

FXBootcamp London Currency Coach-
Christian Stephens