FOREX Training Video | London Session May 6, 2008

Today was a very active session with quite a few trade plans related to the USD taking place, in this video we focus on the GBP/USD setup. We open today with the GBP/USD unable to break even the most recent 38.2 Fibonacci retracement level from the recent drop from the 1.99 area. After the Fib held we challenged today's central pivot point at 1.9822 repeatedly on the 15m chart. Using simple support & resistance tactics, Fibonacci retracement levels, Bollinger Bands, and short term stochastic/MACD divergence, we were able to plot a very nice short opportunity targeting 1.9735 area. Quite a nice trade, helped along a bit by a lousy PMI release, exactly to our take profit zone, forming a nice double bottom. Unfortunately we did not get a Fib reload opportunity later as it turned into a full blown USD reversal from where we took profit. So be it, 90 or so pips on just this trade, with even more if you did a USD basket trade.

FXBootcamp London Currency Coach - Christian Stephens