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The EUR/USD bounced in the early part of the Asian session to begin a steady upward climb. The entry was simple: Wait for the break of resistance, then go long at the re-test of that level. The choices each trader made after that dictated whether the profit was (a) 15 pips, or (b) up to 40 pips.
New York traders wasted no time this morning in pushing the USD/JPY below support at yesterday's low. The re-test of support provided an ideal second-chance entry. The first 30 pips down to the 115 psychological level were easy, but the additional 25 to the M1 pivot point required patience and discipline to follow the guidance of the short-term moving averages during the retracement.
Late into the London session the GBP/USD had a 5/8 ema/sma cross & a stochastic cross up on the 15m chart, providing a quality long trade setup after the break of the 21ema. However, what if you missed the entry? Well with a combination of support areas (5ema, Bollinger Bands 55ema), and shorter term time frame stochastics you can gain proper confirmation to insert yourself into a pre-existing move. Using this method some members were able to make the 40 or so pips left in the total M1-M3 pivot move of 90 or so pips if they missed the initial entry. Once could also use this method to add additional lots with a decent level of confidence, and a low risk vs. reward situation.
The London session saw the USD/JPY rise more than 100 pips, so a sharp reversal downward might have been the last thing on the minds of some New York traders. However, there were some technical clues on multiple time frames suggesting that a downward move might be forthcoming. Those who heeded the signals, went along with the change in flow at the start of the New York session, and gave the trade “room to breathe” were rewarded with about 50 pips in profit.
On a very active London FX session you pretty much could have focused on any pairing for pips. This is a breakout trade plan of the USD/CAD from the Daily chart channel that has contained price for almost 5 weeks. Using a combination of stochastic crosses on 15m and 3m charts, fibonacci retracements/extensions, pivot points, and EMA's we were able to fairly accurately enter at the breakpoint with minimal risk if we were to be wrong. The result was anywhere from 75-120 pips from the Loonie depending on entry on a fairly fast breakout move.
Early in the New York session, the USD/CHF broke the M4 pivot point and a major psychological level to reach R2. While waiting for a bounce at M4, traders who monitored currency correlation and the 3-minute chart found no reasons to execute a long trade. Instead, the subsequent signals led to a short trade which targeted the central pivot point, producing a 40-pip profit.
A London session that began slowly since the Moscow session had provided initial movement in several pairs, woke up and provided quite a few trade plans to choose from. In this video we focus on an entry at a retracement during an already moving downtrend on USD/CAD, which ultimately provided a nice breakout trade of 40-50 pips. Followed by a GBP/USD news trade after the CBI report was released, which provided a decent 40+ pip trade after trapping price in a 3 & 5 minute news trade setup.
We take a look at the EuroUSD today and watch it play between areas of support and resistance. Several entries avail themselves, though at close of Moscow, London session coming in the pair is not yet decided on if it will reach the 3500 psych target or retrace. Enjoy the video!
The unwinding of yen carry trades kicked into high gear today. The yen had its biggest one-day gain against the US dollar since 1998, and New York traders had multiple opportunities to profit from it. A 30-pip profit on a basic USD/JPY range breakout trade in the middle of the session was only the beginning. Those who stuck around and took the break of a psychological level at London close were in for a pleasant surprise.
At the open of the New York session, the major currency pairs had already reached pivot levels normally considered profit targets. US news, including the high-profile CPI release, met expectations and failed to provide further inspiration to the market. Only a unique event – conflicting reports on the addition of liquidity to the markets by the Federal Reserve – provided volatility, but in the form of fast exaggerated moves. Capital preservation prevailed for most conservative traders.
A combination of Canadian dollar weakness and U.S. dollar strength, due in part to trade balance news, propelled the USD/CAD above the M4 pivot point and a psychological level. Those who took one of the early entry opportunities and moved their stop under M4, risked getting stopped out during the retracement with very little to show for their efforts after a 30-pip gain in the first half-hour. In this case, the risk paid off on this news trade to the tune of nearly 50 pips. Even traders who waited patiently for the entry on the re-test of M4 netted 30 pips before the London close.
More JPY strength during todays FOREX London session. These two trades, AUD/JPY and GBP/JPY were both well over 100 pips each, yet were conservative trades based on the 3 mintue chart. Great examples of price channels, breaks and extensions.
The yen crosses had been falling during the entire London session. The USD/JPY was no exception, dropping more than 100 pips since the Asian open. Fortunately, the volatility didn't end before the New York traders arrived. The break, then subsequent re-test, of M1 provided traders a chance to capitalize on the move. The continuation produced a 27-pip trade for those who took profit at the weekly central pivot point.
Nearly every forex pair took off today for a decent ride, most of which starting the moves during the Moscow session. However, using fibonacci retracement levels combined with EMA theory, pivot points, and previous experience, we were able to plan a trade with the USD/JPY as it bounced off a 38.2 fib & 21ema. Whether members chose to only trade the usd/jpy for 80 pips or traded a basket of yen pairs for hundreds of pips it was a fairly classic continuation trade at fxbootcamp.com
Dollar weakness was seen across the USD pairs during most of today's New York session. The EUR/USD provided a nice re-test of its central pivot point before continuing more than 50 pips to M4. Even the Loonie gave traders a re-test after a break of M1 and a psychological level. Those who didn't take profit at the anticipated USD/CAD bounce near the channel guide line still walked away with 15 pips at the 5/8 cross.
After a bounce off a key area in the late Moscow session, and after the BOE Inflation Report was released, we were able to trap price on a classic FX Bootcamp news trade. We identified immediate support and resistance after the news release, awaited the breakout, and Kaboom 150 pips rain on the bootcamp class. A near perfect ride the 5ema scenario after the breakout made staying with the news trade until nearly London close a very profitable experience.
Using a combination of technical analysis utilising triangle projection target, Daily 55 EMA, Pivot point analysis we plot a target for the pound dollar.
News from China takes the market by storm giving a sudden burst in USD strength. We see the target achieved in 1 candle not allowing us a conservative entry. Rather than chase price, we use Fib retracement studies to look for an entry on a pull-back, which turns into a reversal. No trade, but most importantly NO LOSS! Enjoy!
While we had a fantastic continuation of an earlier GBP/USD move to the downside handed over to us from the Moscow session, things were relatively quiet in out session otherwise. That is until AUD/USD broke suddenly to the downside. Wlathough many missed the initial break, it proved to be a good example of how to use shorter term time frame charts to gain confirmation of a continuing move down allowing us to enter at a retrace to the 5ema. This entry allowed many to gain 30 pips or so of the remainder of the move to M1.
New York traders found the USD/CAD in a downward channel. When price met the downtrend resistance line, it also found the central pivot and multiple indicators. The subsequent bounce produced more than 20 pips of profit.
In a British Pound only move, the GBP/USD broke downward out of a short term ascending triangle after a pre-London fake out to the upside touching R1. The pair offered several entry opportunities with confirmation from shorter term charts, and once the final break of the 55 occurred, screamed to a fantastic 100-130 pip trade for the fx bootcamp members who took advantage of it, ultimately landing on the M1 of the day.
Using correlation between pairs at key pivot points, and while following the clock, we are able to maximise profit off a triangle breakout on the pound dollar. Enjoy!
Both NFP and ISM releases today were USD negative. The market took off in the direction of the prevailing trend, aligned with fundamental analysis and traded using technical analysis. In a breakout day, such as this, Fibonacci and Pivot Points were great leading indicators to use.
The USD/CAD and USD/CHF were the focus of today's live New York session. The Loonie, fueled by yesterday's oil inventories report, produced a breakout trade in the direction of the prevailing trend, while a basic rejection at M4 set up a short trade on the Swissie. Each trade yielded at least 20 pips on based on conservative entries.
After a fantastically volatile week today's London session was extremely quiet and inactive likely due to the GBP and EUR rate announcements int the early AM, and of course US Non Farm Payrolls tomorrow. It was a sideways/ranging night that did not offer any conservative repeatable trade setups. Capital Preservation was the theme of the session. Sometimes the best trade is no trade!
A EUR/USD break above a psychological level after ISM news might have seemed like a good reason to go long to some traders. Those who analyzed the surrounding landscape were waiting for the reversal, which ultimately produced an R1 to S1 move.
While the carry trade unwind still in full swing the USD/JPY took the driver seat and gave very clear, distinct clues of the start of a nice upside bounce from major support at 117.60. We followed this action very closely in class and identified some key triggers for any Yen pair long, and zoomed in on the British pound/yen combo. The breakout made members anywhere from 150 to 300+ pips in a fantastic yen upside move with nice follow through. Well worth the wait for 3 minute chart confirmation, fine start for August, come check us out at FX Bootcamp.com!
Apologies for the sound...buying a new headset today. Taking a look at the GBPCHF pair to see how to get in on a trade mid-run. I was knocked out at BE before realising much more profit, but the 4200 psyke level shows why I moved SL to BE so soon. Enjoy.
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