FxBootcamp

FOREX Training Video | London Session May 9, 2008

After breaking some key levels of long term support recently, we had quite a few pairs sitting in consolidation type patterns pre-London. A closer look yielded some lower highs on the yens, and triangle patterns all over the place, so it seemed more of continuation than consolodation. Then it was a simple matter of determining what currency was the weakest at that time, and building a trade plan around that currency and the Japanese Yen. One quick glance at the majors told a clear story, British Pound Sterling, and the US Dollar were the weaklings of the night. So be it, so we look to short the GBP/JPY and USD/JPY pairs once we break our triangles. Sure enough, the Futures markets began to drop, the yen pairs broke the triangle and whalla, piptopia began. In this video I focus on the trade plan used on the GBP/JPY trade(s). I say trade(s) because depending on ones style you either held it once, or got in and out 3 times for upwards of 200+ pips in profit. We had several layers of support to get through such as daily pivots, Weekly S2 Pivot, trend lines, it was just a whole lot of fun. What looked very tricky and volatile on the 15m, was a waterfall on the hourly and above. In this trade plan we deal with a descending triangle, 'riding the hourly 5 ema', daily & weekly pivot points, key psychological levels (yay we broke 200.00 again!), multiple trend lines, Fibonacci retracements & extensions, divergence.. you name it we used it. Lovely trade, and once the Pound got even weaker on it's own the GBP/CHF joined in the fun for a piptapulous London indeed, hope you caught a good bit of it as the Bootcampers did! Fitting way to end a great trading week, have a fantastic weekend!

FXBootcamp London Currency Coach- Christian Stephens

FOREX Video | New York Session Review | May 8, 2008

Using the bond and stock markets as leading indicators, we spent the New York session buying CHF and JPY. The USD happened to be weak and commodities were falling. Watch the video so see what we traded and why.

- Wayne McDonell, CTA

Forex Video | News Trade Alert | May 8, 2008

Central bank monetary policy decisions is the dominant theme of Thursday's news calendar. The markets are expecting no change in rates from both the Bank of England and the European Central Bank, yet even those decisions could spark some good movement in the pound and euro.

FOREX VIDEO REVIEW: London Session May 7, 2008

Today's London session offered several nice trade setups. The better of which involved the British Pound pairs, and later, the EUR/USD. In this video I focus on the EUR/USD short trade setup around 1.5504 for a nice 80-90 pip drop (if you held on through the news.)To build this trade plan we used trend lines, multiple overlap of resistance around 1.5504, short term chart confirmation, and correlation with Gold dropping/USD rising while we were bouncing from these levels. We had no idea if the lower channel bottom around 1.552 would break or not, but who cares if you already have locked in your MAP (minimal acceptable performance) of 15 pips, let it run. Once we were to break that area we should have little difficulty extending at least to todays M1 pivot, and maybe even to S2 for a 80-120 pip gain. The beauty of the short entry around 1.5504 was just how small you had to risk (10ish pips), the risk vs. reward was something crazy like 5 to 1, I will take that any day. Overall a very nice London session indeed, just love when it rains pips.

FxBootcamp London Currency Coach- Christian Stephens

Forex Video | News Trade Alert | May 7, 2008

Wednesday's New York session will see a handful of second-tier U.S. news reports. The European session could prove more promising for news traders. The uniquely low forecast for U.K. industrial production puts the spotlight on that monthly report.