After an amazing week of shorting everything GBP last week, Asia seemed to have found a temporary bottom, evident by a series of higher lows taking place everywhere. This continued in early pre-London, and ultimately into the London open. While the directional trend may not be over, there were certainly enough pips between support entry points and initial resistance to build conservative trade plans on the counter trend today, at least until this very identifiable resistance, in which new shorts could be in order. So in this video, I show very clearly first what got me into a couple shorter term GBP/USD longs in pre-London, and beyond that the complete trade plan for the long we took in today’s London FXBootcamp session together, where we took profit, why, and how we shorted this resistance attempting to continue the recent short tone once reaching this level.

Hope everyone had a great weekend, and fantastic Monday trading London.

FXBootcamp London Currency Coach-
Christian Stephens

While we continued to short the (insert your favorite yen pair here) during the Pre-London and into early London sessions, we found ourselves reaching an important area of support on the USD/JPY not too long after the London open. Even though everything on the Yens looked to continue to the downside, this support was very close to the big psychological level of 90.00, along with a multitude of overlapping support (Long term 78.6 fib, trendline, S2 pivot, etc.) all being struck just after a major market open. While we did not expect any kind of instant reversal, there certainly were reasons to look for clues of profit taking around this support and possibly translate that into some short term longs on GBP/JPY. At least until we could find dynamic resistance to re short the thing. So in this video, I highlight how we took profit on our original short pre-London, longed off support using a higher low for entry, took profit around 50 pips and re shorted for 50 pips, only to long a 15m Higher Low again, and shoot for more pips to the upside. It was a difficult session to hold onto anything but if you were nimble the pips were there for the taking.

FXBootcamp London Currency Coach-
Christian Stephens

As the pre-London session ended today, and we ere taking profit on our GBP/USD and GBP/JPY shorts at support, our attention quickly turned to the London Open. Here we are yet again, at support on these two pairs Right as the London market opens. I prefer to not counter trend, but when you find yourself at support across the board at a major market open, it’s hard not to look for clues of buying off this support, I mean who wants to short at support right? In this video I zoom into the GBP/USD and cover as clear as I can the how’s and why’s of this counter trend Long trade plan. It became a simple matter of awaiting a higher high, then locking in break even, done deal, no risk trade then. After that we moved on about our business on other trade idea’s while the pair slowly inched it’s way to our target over the next few hours. Eventually we nailed our target for a 60′ish pip counter trend trade, and even found reasons to short at the beginning of London lunch. No real major news releases tonight led to a very predictable onslaught of ‘Technical’ trading, the money truly was made in the waiting tonight, on this trade shown as well as several others.

FXBootcamp London Currency Coach-
Christian Stephens

Today’s London session was extremely tedious and difficult. Quite a few of us experienced +15-25 pip trades come back to stop us out at break even or just slightly in profit. Essentially we had zilch for follow through during these 3 hours. However, there was one highly probable area of support showing up for the Japanese Yen pairings around 4:30am NY time, right in the thick of London’s market. In this video I demonstrate how we substantiated this support on multiple time frames, which means more traders are seeing the same thing, and subsequently built a trade plan after some short term higher low confirmation, to long the Yen pairs. Specifically in this video, the Eur/Jpy. Now the risk on this trade was just around 11-13 pips, while the conservative first target was only 36-40 pips away around the 132 region, 3-1 reward vs. risk ratio which is not terrible. The steady higher low’s on this trade allowed the confidence to stay in the long and keep moving ones profit stop under these lows. Now while this trade was a successful 40 pip trade or so, as luck would have it some positive JP Morgan news came out during the London lunch, and whammo a 40 pip trade was 125 pip trade in a blink. Had this news gone against we simply would have been plucked 20 pips positive or so due to a lower low. So while we have absolutely no way to know if a pair is going to reverse or not, this trade setup shows you how one can enter into a high probability setup, and should go a long way in helping some of you to leave some profit on the table if charts warrant it.

What was a yucky London, ultimately was a great London lunch finish.

FXBootcamp London Currency Coach-
Christian Stephens

We began today’s London session already enjoying a decent GBP/USD short trade from pre-London. However, we find ourselves at a Weekly central pivot point, and 4 hour 21 ema exactly at London open. Even if there would be further downside in the British Pound’s future, opening a major market at support is always something to be very aware of, and probabilities are that we will head up from that point, at least back to some sort of Fibonacci pullback zone. In this video I show first how we determined the right time to cash out of the original short from pre-London, along with the clues for a long entry if you so desired. Once this trade plan had reached it’s destination in form of the 50% Fibonacci pullback of the days move, our re-short trade plan off the role reversal area proved rewarding. Ultimately however, a 15 minute Higher Low sent a very clear signal that the GBP/USD was more interested in making higher highs shortly thereafter. This was a very tricky session that required great discipline in ones trading, but using sound techniques, along with that discipline did indeed lead to a profitable day.

FXBootcamp London Currency Coach-
Christian Stephens

Our London session today and tomorrow actually are pre-London into London, as one of our coaches is on break. With that in mind, our first hour today was completely our planning/plotting hour where we set-up all area’s of support/resistance, price traps, pattern formations etc. Once this was done we developed technical bias and reasoning for several of our setups, then simply wait for one of them to cough up a clue. Well one of these trade plan’s involved the EUR/USD forming a double bottom off support to open tonight, and rising at least to the 1.3318-22 area, and sure enough at 1:15am NY time we see a higher low quickly develop on the charts. In this video I cover in great detail how once we obtained our clue, we quickly finalized our trade plan, confirmed reasonable risk vs. reward, awaited our Fibonacci entry area. and promptly protected our trade with a break even stop. While this was not an enormous trade, obtaining 50-75 pips was entirely reasonable depending on how one managed it, which we also discuss in the video. Hey, Pips are pips! Enjoy.

FXBootcamp London Currency Coach-
Christian Stephens

Pre-London offered us a decent GBP/USD short in the form of a break to the downside, followed up with a predictable Fibonacci pullback entry, which took us through the support we expected to hold right as London opened. In this video I show in great detail how we went about planning a new short trade plan targeting around 1.40 initially, which would give us around an 80 pip profit for 20 or so pip risk, not bad risk vs. reward at all. All that was required was a little patience to await the pullback, and the discipline to take the entry when price action told us to do so exactly in the pullback zone we had identified. While the trade ultimately did not reach it’s target, it did give us just over 50 pips before a higher low told us the trade was likely over. A few 50 pip trades a day will make anyone smile.

FXBootcamp London Currency Coach-
Christian Stephens

Pre-London gave us some clues, along with one trade that ended up stopped out break even on the GBP/USD pairing. We had many clues of an impending rise, at least on the short term. In this video I show in detail how we planned, and ultimately confirmed our entry reasoning/criteria, primarily using Fibonacci, 21 ema’s , macd, stochastics and higher lows. Also, why we took significant profit pretty much exactly at what ended up being the top of the move. This top turned out to be a reversal point for the remainder of the London session going into the British rate announcement due this morning. This entire move took place within the first half hour of the London open, a quick 60-70 pips when played properly, nothing wrong with that one day before NFP.

Have a great weekend!
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