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

Comments

[James]

Your not conducting the videos anymore.What happened.With all due respect to your colleague I like your presentations better.Sorry,I guess im just use to you.You present them so well.