Bulls and bears alike found opportunity to extract at least 100 pips in profit from price action on the GBP/JPY currency pair during the two hours prior to today’s London close.
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 …
Today’s rally on the EUR/CHF currency pair brings to mind the Yogi Berra quote, It’s like déjà vu all over again. For the third time in about 6 weeks, the euro swissie soared as the swiss franc was sold on alleged SNB indirect currency intervention via the Bank for International Settlements. A profit of up to 230 pips awaited those traders who bought the pair at an easily-defined level of support, then kept their cool as the candles grew greener.
Multiple moving averages on the longer-term charts had put a lid on today’s EUR/USD rally for six hours. Another failed attempt to break those moving averages, in combination with a trendline re-test and the approach of the London close, set the stage for a short trade on the euro. As most golfers can attest, ending the trading day with a profit of up to 60 pips [depending on entry and exit] was like holing a lengthy birdie putt on the 18th green.
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 …
Inter-market correlation pointed to a rally on the EUR/USD currency pair during the first 30 minutes of today’s US equity market session. The rally broke a downtrend line, and a conservative long trade entry came in the form of a re-test of that former source of resistance. A 60-pip profit was the reward for those who closed the trade after the euro stalled near a psychological level as the London close approached. Those who held the trade through today’s 30-year Treasury bond auction, then …
Pre-London today started us off proper with a weak British Pound Sterling, along with a strong Japanese Yen, providing some nice pips off a recent double top. Yet in this video I focus completely on how we were able to insert ourselves into this move as it performed a 38.2 Fibonacci pullback during the first 30 minutes of the London open. Ultimately this video breaks down how we determined our risk vs reward, profit taking zone, stop loss area, timing of entry, correlation, essentially the …
A good bit of movement started in the Tokyo to Moscow sessions, still provided some re-entry opportunities on nearly every yen based pairing. A consolodated yen pairing short yields a nice amount of pips.
The beleaguered US dollar could find little relief during today’s London and New York sessions. London traders who took the EUR/USD bounce from daily 5 ema, then closed the trade at the M4 pivot point, had already earned a 170 pip profit as the New York session got going. Although the euro’s next move was more modest, New York session traders reaped a respectable harvest of about 90 pips.
When considering the GBP/JPY price action through the first five months of this year, the story of the mythical phoenix may come to mind. A currency pair virtually burned to ashes in last year’s deleveraging, has seemingly come back to life. Today, on the back of positive China and US PMI reports, the pound yen soared more than 550 pips. Using moving averages, a Fibonacci study, the concept of role reversal, and pivot points, a conservative trade plan spanning the London and New York …