The U.S. dollar and Japanese yen were soft as stock markets on both sides of the pond exhibited a firm tone during today’s New York session. Trendlines framed an 80-pip rally on the EUR/USD currency pair.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

A 50-ish pip short trade on the EUR/USD currency pair was the highlight of an otherwise uneventful New York session.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

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

Euro bulls were nowhere to be found during today’s EU Summit held to discuss Greece’s debt problems. The EUR/USD currency pair fell more than 100 pips during the 4 hours between the New York open and the London close.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

In a prepared statement released during today’s New York session, Federal Reserve chairman Ben Bernanke said that “before long” the FOMC would consider a discount rate hike. The U.S. dollar rallied in response, driving the EUR/USD currency pair down. A profit of up 40 pips [depending on entry and exit] was the reward for traders who shorted the euro on the pullback following the initial sell-off.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

While remaining bearish on the EUR/USD longer-term, I feel it’s current run is due for a pullback to the 1.48 region, therefore an opportunity to buy some cheap Euro’s at the current levels. This video builds a very basic case with very low risk opportunities to buy EUR/USD if the short-term charts present opportunities.

Consolidation was the predominant theme during today’s New York session.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

The dollar rallied following the release of better than expected November U.S. retail sales data during the New York session. A conservative, repeatable short trade on the EUR/USD currency pair brought a profit of up to 150 pips [depending on exit strategy].

Curt Wehrley
FX Bootcamp’s Quantitative Analyst

The EUR/JPY long from yesterdays double bottom continued to perform throughout late Asia into Pre-London. This actually ended up creating a legitimate higher low on the Daily chart. In this video I break down in it’s entirety why I had good reason to believe the EUR/JPY would continue to rise throughout the London session today. Using things like MACD divergence on the EUR/USD and EUR/JPY, price trap breaks, the USD index, correlated JPY weakness, and of course our good friend Fibonacci to come to these conclusions. All of this led to a nice long opportunity just prior to me taking the mic for the London session today, yet in the video I also break down the additional 2nd chance long entry after this, which we covered live in the London session as it occurred. This trade ultimately just continued to make short term higher highs and higher lows all throughout the London session, riding the 5 ema all night long on the 15m chart. This netted us a nice 70 or so pip trade from the 2nd chance entry by the time London trades went off to lunch. Not too shabby. Have a great weekend!

FXBootcamp London Currency Coach-
Christian Stephens

The U.S. dollar continued to broadly consolidate against the major European currencies during today’s New York session. The feature move was a modest USD rally during the third hour of the session. A 40-pip profit was the reward for traders who first shorted the euro in an area occupied multiple sources of resistance, then exited the trade at the London close.

Curt Wehrley
FX Bootcamp’s Quantitative Analyst