Today we open London in a rather choppy scenario short term, but once the GDP was released for Britain, the pound pairs proceeded to lose value quickly. After the initial strong news move we bounced solidly off recent lows and plotted a short trade plan off an overlapping resistance/Fibonacci zone that we simply had to wait for to occur. So in this video I focus on how we built our short trade plan on the GBP/USD, and used the EUR/GBP price movement to give us confidence in the entry itself. While it looks easy after the fact, the reality was this trade required much patience and discipline to WAIT for the setup to present itself. Perfect daily lesson of patience and discipline, as the end result was a relatively clean 80 pip trade that rewarded us for awaiting for price to fall into our trap. Today ended up a decent day afterall, but it sure felt like work.

FXBootcamp London Currency Coach-
Christian Stephens

FXBootcamp hopes you are enjoying this 40 hour bootcamp coaching marathon leading up to the triple witching hour on Friday, we hope to see many of you during several of these sessions.

We have had signs of likely further weakness in the British pound technically this week on the Daily/4hour currency charts, such as multiple Daily lower highs among other things. So going into today’s London session rising from pre-London, while profitable, kept one very attuned to the market for a reversal, or another lower high etc. Well sure enough we got just that in today’s London session as the British Pound Sterling began to dive against every other currency there is. As we had begun to reach/breach some shorter term (15m) support on GBP/USD and the other pairings, we braced ourselves for the impending Retail Sales news announcement due at that very moment. If this news were negative we would very likely be looking at a sharp decline.

So in this video I focus on how we handled this news setup using Fibonacci studies after the first one minute news candle, along with price action, to wiggle ourselves into what turned out to be a nice Pound short basket across the board. Unfortunately the pullbacks we encountered were not as perfectly offered to us as we may have preferred, but with a sharp eye on price action around these levels, we were able to sneak into some of these pairs for some wonderfully quick gains.

Nice session indeed, needed to be disciplined however in all facets to profit successfully. See you guys at the 3pm afternoon NY session today.

FXBootcamp London Currency Coach-
Christian Stephens

After yesterday’s break on the GBP/USD of the Daily chart channel top, and subsequent hit of the Daily 200 ema, we were poised for possible short trade setups after a 15m lower high developed. We were anticipating a retest of the Daily 5ema zone, channel top retest, as well as the 4hr 21ema, and 38.2 Fibonacci pullback, before any possible larger rise. As technical as we were set up to be, we were slapped with some surprise Fundamental news, when S&P downgraded GBP, citing debt was nearing 100% GDP. This news sparked an immediate weakness in the British Pound Sterling across the board, on any pairing. While there were some ways to wiggle into this short, it truly covered 200+ pips in 5 minutes, it was very quick. This Fundy news took us too our overall short target much faster than ever anticipated, but yet we found ourselves at substantial support on the GBP/USD pretty much right away. In this video I show how we determined a take profit scenario on the short, and subsequent long opportunity to take advantage of the cashing out going on. This long produced anywhere from 75-135 pips depending on profit taking strategies. This was such an overlap of support that once we saw higher lows develop on the 1m chart it was pretty much all that was needed to take the chance, with a 30-40′ish pip risk for 75-150 pip possibility, nice risk vs. reward. Nevertheless I show how we entered this using a simple Fibonacci study along with actual price action in those zones. Additionally in this video I show how while we took advantage of the long, we also were planning for the later short off the overall pullback on the 15m/hourly charts, which led to another quick 70 or so pip short, with a 30 pip risk. Thank you pound pairings, fun night indeed.

FXBootcamp London Currency Coach-
Christian Stephens

Pre-London kicked us off with some weak Euro and weak Swiss Franc against the US Dollar. Just as we opened our London session we found ourselves bouncing off a shorter term trend line, and primed for a perfect Fibonacci retracement overlapping with several layers of additional resistance in the form of various ema’s etc. around those same Fib zones. In this video we highlight in extreme detail how we were able to plan and execute a high quality, low risk vs. high reward short setup on the EUR/USD not once, but two times throughout the London session. Also, if you did not take these Fib entries right off the bat, each entry offered very good short term confirmation for even the most conservative trader to believe in the move, along with correlation with the USD/CHF and clear EURO weakness as witnessed in EUR/GBP re-breaking the .9000 level. I spent some extra time in the detail on these video’s, because quite simply you will not find a Fib pullback entry with more clues, and confirmation than this very often. If you are having some issues understanding pullback trading this video should help a great deal with a prime example. Ultimately the EUR/USD fell over 250 pips today and these two entries offered a prepared trader a couple clear opportunities to catch a significant part of the move. Have a super day!

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

The British Pound Sterling kicked off the pre-London session with some high quality weakness across the board. This continued to off some nice pullback entries early on into the London session. However, we were approaching support in many flavors around the 1.4900 area. Things like long term 50% Fibonacci retracement levels, Daily, 2hour, and 4 hour overlapping support, daily central pivot point, about 7 things all falling exactly at the same place on many time frames. Even with all the Pound weakness this gave us high reasoning to expect a good deal of profit taking, which would end us north at least back to the 15m 21ema region, which was 90 pips from the bottom. It is this ‘long term’ pull back that I wish to demonstrate in this video, and actually counter trend scalping that pullback using a 15m and 1m chart for confirmation of entry. This was a high reward low risk setup counter trend scalping setup that coughed up anywhere from 50-70 pips depend on members entry exit strategy. Sometimes actually ‘trading the pullback’ can be as sweet of a setup as taking the pullback in the trend direction if there is enough pips in between. Decent night to play with Cable.

FXBootcamp London Currency Coach-
Christian Stephens

Our first day back trading after the Christmas holiday still finds us, as expected, in a relatively thin trading market. That being said, Capitol Preservation is our primary focus this week without a doubt, no need to take silly risks. In this video I discuss in great detail how we spotted initial British Pound weakness during the London open, and how we translated this weakness into two technical short entries using the GBP/JPY pair. The hardest part was simply having the patience to wait for the pullbacks, which both happened eventually, a price chaser got hurt here most likely. However, with the market being so thin, profit taking was far trickier than normal as you could have easily watched 60+ pips profit stop you out break even twice. Jack be nimble Jack be quick… nothing wrong with a few 50-60′ish pip scalps, hey it all adds up at the end of the day.

Happy Holidays!!

FXBootcamp London Currency Coach-
Christian Stephens