Very sweet session indeed on quite a few pairs today. In this video I focus on just one reload entry of one of these moves, the short on the GBP/USD. We had opened London and extended right down to our daily M1 pivot point/4 hour 200 ema combination. In this video I essentially show you the plan for a re-entry into this short yet again off of a combination of Fibonacci levels, hourly 5ema, daily S1 pivot point, and 4 hour 5 ema, and targeting our S2 pivot point today around 1.6250 or so.. This entry although planned well in advance by using 15m. 1hr. 4hr charts, ultimately was taken from a zoomed in 1 minute chart watching price action at our expected resistance area. With a risk of about 20 pips we snagged a nice 60+ pip reload here around 1.6328 without much difficulty. All pairs included though, today was just Sweet!

FXBootcamp London Currency Coach-
Christian Stephens

During today’s pre-London session and then into the first hour of the London open, we were dealing with some short term British Pound weakness and Japanese Yen strength, a quality setup for a GBP/JPY short, that was very easy to plan for trade entries and targets prior to pre-London beginning. In this video I show why I looked for these setups to begin with, and how both I went about initial entries prior to the London session I coach, along with some reloads we took together in the London session with the class. The last of which ended up being stopped out break even, but over all a nice Monday starting over 100 pips, nothing wrong with that.

I have not made a video in a couple weeks, I apologize for that, just been trading extended hours lately, this video shows that as I rambled on a bit. Will tighten things up in the video’s to come, see you all tomorrow.

FXBootcamp London Currency Coach-
Christian Stephens

After yesterday’s fun selloff of the USD during London, we began pre-London today well extended on our Daily charts. The GBP/USD, EUR/USD, AUD/USD, all a country mile from their Daily 5 ema’s respectively. While this alone is not a reason to enter a trade back to those levels, it certainly makes it difficult to continue our USD selling until either support catches up to price, or more likely, a pullback to near those levels ensues. So in this video I show how I built a trade plan to Short the GBP/USD and EUR/USD back to support, and reload this trade on subsequent shorter term pullbacks, along with profit take zones. I would not classify these trades reversals, but merely a shorter term scalp back to support, where most of us were eager to relong them (or short the USD again). With reloads added in on multiple pairings, it was actually a very solid overall pip day if you caught these.

FXBootcamp London Currency Coach-
Christian Stephens

Today we found ourselves continuing our British Pound weakness and Japanese Yen strength from Pre-London, into our London open. This led us to marry Strong (JPY) with Weak (GBP) and focus our attention on the GBP/JPY pairing. All we could do for the first hour of the London open was build our trade plan for a continuation short off of a pullback to resistance. This area was not difficult to find however, as we had a 38.2% Fibonacci pullback level, 15minute 21ema, hourly 5ema, and the 4 hour 5ema all in the same 155.50-60 zone. The real work here was sitting on your hands and awaiting the entry zone, with plan to short firmly in hand. What added to this difficulty is within minutes of reaching our entry zone the British MPC meeting minutes were just about to be released. So you had to have your plan firmly pre-determined, along with stop loss etc in case our entry zone was hit. Sure enough the news popped us up the additional dozen pips to our overlapping massive resistance, and did not stay there very long. In fact just long enough to execute our plans, no hesitation allowed. Within 1 minute you were 70 or so pips in profit, and quickly protecting some of that. This trade plan was setup exactly how we do every day, the only thing different was right when the area was being achieved, we had the added volatility of a news release to deal with. I am sure this scared several traders away from this setup, but everything about this trade plan was technical, you must have trust in your plan win or lose.

Overall high quality setup, that required ACTION at the pre-determined zone, and those who did so were rewarded with 120-130 pips or so, gotta love it.

FXBootcamp London Currency Coach-
Christian Stephens

We opened the London session today with a recurring theme of a very weak British Pound. By the time we had opened London we were already 200 pips into a nice GBP/USD short from pre-London. In this video we show how, over a span of just over an hour, were able to put together a trade plan for a new short on a Fibonacci 50% retracement zone that overlapped with multiple layers of other resistance. The plan was easy, the waiting for price to get there was where patience was required. Ultimately we found ourselves in a high quality short with a 40 pip or so risk and at least 120 pips before any support could be found, for a decent 3-1 reward vs. risk setup off a pullback entry. That’ll work!

FXBootcamp London Currency Coach-
Christian Stephens

The British Pound Sterling continued it’s slide throughout the pre-London, and into the London session itself. Although the short on the GBP/USD which many of us caught was the more desirable trend type trade, there was also a counter trend opportunity with a 55-100 pip possibility that presented itself while the GBP/USD pulled back throughout most of early London. While I normally do not like to illustrate an intraday counter trend trade, this one had a very little risk vs high reward setup, along with decent confirmation using shorter term charts. While the trade did not ultimately reach our final target, which would have been an ideal spot not only to take profit, but to re-short the GBP/USD, we still were able to bag 75-80 pips before seeing confirmation the move was over on the charts. Take what the markets give you!

FXBootcamp London Currency Coach-
Christian Stephens

After some quick pre-London pips we found ourselves in a precarious position on the GBP/USD as the London session opened 3am EST. While cable was rising, and paying off on some longs after bouncing on the previous day’s 61.8 Fibonacci level, it was fast approaching the 1.51 area where we also had an overlapping 38.2 Fib level from the recent highs on the 4 hour chart. This was setting us up for a possible double top scenario, with at least 40′ish pips before any support could be found. In this video I show how we used a 1 minute chart 5ema/8sma cross and lower low for entry confirmation off of the double top/resistance zone. This got us in around 1.5998-99, with a stop around 1.5110 or so, this has us risking maybe 12-15 pips total. Still a decent 3 to 1 reward vs. risk ratio before support showed up on the 15m chart. Ultimately we ended up breaking support and exiting the short on a new 1m 5/8 cross for a grand total of a 62 pip trade. Considering how difficult it was to find sustainable trade plans during today’s London session (it was a tough night), a 62 pip trade was enormous. Also with the upcoming BOE rate announcement later this morning we may finally break this area, and start a quality ‘ride the 5ema’ on the daily chart back to the 153 area, time will tell.

Have a great weekend folks, and don’t forget to visit Wayne’s Free FXStreet US Non-Farm Payrolls webinar tomorrow morning.

FXBootcamp London Currency Coach-
Christian Stephens

After a solid break of resistance, and fantastic follow through on the EUR/USD during the NY open and into the rest of the NY session yesterday, we were left at resistance during the London open. Even though we have clearly been riding upwards solidly on the short term, this is a major pullback level on longer term charts. However, because it is such longer term charts, you almost know without thinking how choppy any ‘counter trend’ trade back downward would initially be. This set us up for a very difficult, ’scalp’ type counter trend mentality for London. The Eur/USD offered several 30-45 pip type trades before each nearly fully retracing it’s steps. In this video I highlight one of these trade setups that we planned in advance live in the classroom which ultimately took us to what is currently today’s low. This ‘Drift’ is likely continue for most of the day, unless the later FOMC can offer some volatility. Hey take what the market gives you, you cannot always wake up to a perfect trend entry, sometimes it’s work.

FXBootcamp London Currency Coach-
Christian Stephens

Not too long after London open, and the Eurozone IFO data was released, the Eur became a bit bullish and the Japanese Yens became weak, which was a nice recipe for a Eur/Jpy long position. In this video we show how even if one had missed the first long opportunity covering some 80′ish pips… Using Extreme patience awaiting a Fibonacci pullback that seemed to Never arrive, but finally did, we were still able to find a high quality, high probability setup. This entry we waited forever and a day for ended up paying off nicely with 60′ish pips, and later gave yet another pullback which took us higher during the recording of this video. Never chase price is the motto, this setup shows how patience & discipline wins the day.

FXBootcamp London Currency Coach-
Christian Stephens

With the markets in the world dropping 7-10% overnight again, things were very choppy as expected during today’s London session, NY should be the place to be today. Basically we had ranges all over the place, and had to stick to a pure support/resistance strategy in our planning. In this video I demonstrate how we put together a long trade setup on the Eur/Usd, planning for continuation. This video shows the importance of locking in break even after some profit, and locking in some profit along the way. As once we got 50ish pips in profit, things abruptly turned against us. Our number one goal at bootcamp is Capital Preservation. Without profit stops a loss would have occurred. Overall the plan that had a first target of 75 pips made it to 54 pips before reversing. Worse case scenario for most was a MAP stop of +15-20 pips. (MAP = Minimal Acceptable Performance of 15 pips.) What a crazy week indeed, be careful in NY today folks.

FXBootcamp London Currency Coach-
Christian Stephens