As we approached the London session today the British Pound found itself in a tight little price trap of lower high’s and higher’ lows against the USD. The distance between these high’s and low’s had reached a around 40 pip’s which is a rather small apex, indicating a nice technical break was imminent. What it did not tell us however, was which way the break would be. With these sort of setup’s it is usually best to await the break of the trap then trade the retest of the broken area, then go go go… Well in pre-London the Cable finally broke the trap to the upside convincingly. As we opened the London market in class we plotted the trade plan in it’s entirety and stayed glued to the pair until it finally reached this zone, which was also a nice Fibonacci retracement level, then put the plan into action. The trade started to work just fine and we found ourselves between 20-30 pips in profit yet staring the British Preliminary GDP News release in the face. Each trader had to make his or her own decision as to how to handle this, either get out, lock in break even, or leave the original stop in place (about a 30 pip risk). News is indeed event risk, and although everything about this trade plan was technical, the fundamental news certainly could take price either way. As it stands the news only helped catapult our Long on the British Pound to new heights, ultimately hitting our first major target of near 1.59. Sweet pips indeed no matter what GBP pair you chose.

FXBootcamp London Currency Coach-
Christian Stephens

As we started London today we started showing signs of continued USD weakness on the US Index chart, as well as a very definable price trap on the GBP/USD. These two things together caused us to zoom into the GBP/USD as it started testing the Apex of the triangle right before the London open. Sure enough a pre-London low risk entry did provide itself off of the daily central pivot point. However, if your like me and you missed that entry due to distraction or otherwise you were certainly looking for a second chance to wiggle into this trade once price made a higher high and broke the trap top. In this video I show how we ended up entering into the long GBP/USD trade in a more difficult than easy pullback ensued just after the London market open. “If at first you fail… Try Try again!” Now we find ourselves 90 pips in profit at the R2 reversal pivot point as NY opens, not too shabby.

FXBootcamp London Currency Coach-
Christian Stephens

While pre-London offered several average sort of trades (30-50 pip type trades) London itself proved to be rather a choppy session, with very little to get excited about for a sustainable move, aside maybe the eur/gbp long continuing from yesterday. So we resorted to scraps and looked for anything we could piece together with proper risk/reward. In this video I focus on one of these trades, a short term short on the GBP/USD after Cable broke out of a small trap formation that had things tied up for the first half of London. As aggressive as this break was however, had one waited for a full ‘move’ Fib rather than a shorter term ’swing’ Fib you might have missed the opportunity. This was a very good example of a trade where scaling into a trade may have paid you off rather then waiting for the full pullback which just did not happen. End result was about a 40-50 pip move before European auction results sent things off in a hurry to end this trade. Overall though 5-6 20-40 pip trades added up to a decent enough night for a scalper.

FXBootcamp London Currency Coach-
Christian Stephens

Quite a technically trading night as were were offered again more opportunities to short the British Pound vs the USD. In this video I demonstrate why we expected more of a sell off into London to begin with, and then how we went about building an executable trade plan to get ourselves in and out of this one. Trend line retest, role reversal, and Fibonacci yet again provided us with fantastic overlapping reasons to take action on the entry, brilliant. Nice 90′ish pip trade even from the latter London open entry, could be worse yes?

FXBootcamp London Currency Coach-
Christian Stephens

As we reviewed the charts today prior to our London open, it did not take long to realize that many of our pairings were in a bit of a consolidation period coming into th London morning. These ranges however had indeed been tightening as London neared, and looked poised for a possible breakout sometime between London and the New York morning. As it turns out London itself turned out to be a lot of entries, but very few pips, as nearly everything we took started up 20-30 pips only to end up stopped break even. Wonderful day for a scalper or price scaler maybe, but not for sustainability. However, in this video I highlight one such trade plan that took nearly all night to finally start to pay off something substantial and that was the EUR/GBP. As discussed in the video we found ourselves in a tight apex which finally had a break below the support, and then it was just a matter of awaiting the pullback that actually offered 3 opportunities for one to enter before getting a move on. Hey take what you can get ya?!

FXBootcamp London Currency Coach-
Christian Stephens

Lower highs from yesterday’s London open and higher lows from today’s London open defined a trap on the EUR/USD chart. A breakout move during the New York session set up a long trade which yielded 40 pips plus change.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

As London opened today the USD started to show signs of a short term pullback after breaking resistance yesterday. At the same time we had a double bottom show up on the GBP/USD 4hour and below charts during pre-London. So in this video I discuss how we built a couple trade plans involving longs on the British Pound versus the USD targeting the 1.4990-1.50 zone as our take profit zone, at which point we could certainly see more shorts developing. Sure enough we got what we were looking for, and with a little use of Fibonacci retracement zones, some patience , sprinkled with a bit of discipline we were able to achieve our goals with the British Retail Sales finishing off the move in glorious fashion for us. Sweet trades indeed, I’ll take these setups everyday.

FXBootcamp London Currency Coach-
Christian Stephens

As the London session began today we were showing signs of the EUR/GBP challenging it’s previously broken resistance as role reversal support. Sure enough we did indeed break it halfway into the London morning. This also popped the GBP/USD to a higher high of it’s recent range, along with GBP/JPY and the GBP/CHF pairs, everything GBP basically. While all of the aforementioned pairs offered decent trade plan/set-ups this video I focus entirely on how we built the plan on the EUR/GBP, waited for our entry criteria to be met, then pounced on it once this criteria was achieved. Very successful day buying the British Pound, but one HAD to have patience early on in the day, as we were in a range for the first couple hours of London today.

FXBootcamp London Currency Coach-
Christian Stephens

The USD has been quite the bull lately and we have not yet seen any reason technically for that to cease. With the situation in Greece very tense, the Euro has shown even further weakness. With this Euro weakness and USD strength we again were looking to the EUR/USD for some further clues of continuation down. In this video I highlight how we built a trade plan starting at today’s London Session around a 40′ish pip hourly price trap, break, and then retest. Once the break occurs it was time for our favorite friend Mr. Fibonacci to step in, and sure enough he coughed up several opportunities to snag a nice EUR/USD short entry to start the day. While it took all night to really follow through, it completed its drop today of 120 pips or so from the Fib in dramatic fashion with China raising it’s reserve requirements unexpectedly, causing a strong push to the 1.3550 area which also happened to be our daily M1 reversal pivot point, Profit take time! Lovely trade.

Have a fantastic weekend folks!

FXBootcamp London Currency Coach-
Christian Stephens

Recently we have been in a nice downtrend on the British pound overall as a currency. On top of this the Japanese Yen pairings have been rather volatile, but overall maintaining a rather tight range by long term chart standards. As London opened today we were seeing clues of continued GBP weakness, but in addition a little JPY strength to add to it across all of the Yen pairings. So this led us to zoom in very tightly to all Yen pairs, but particularly the GBP/JPY, as a perfect marriage of Weak+Strong was taking place. In this video I show in detail how we handled the breakout on the GBP/JPY which ended up dropping all throughout the London market until the British rate announcement arrived in the morning. The entry was not too difficult to acquire using Fibonacci , but you had to trust the plan and stick to it to garner all of the pips it ended up producing. Nice trade to last through the session, always prefer these over back and forth activity, tomorrow’s NFP report could really liven things up at these levels.

FXBootcamp London Currency Coach-
Christian Stephens