The European Session was a bit tight, so we started this session with the idea that, wihout news on the calendar, the currency mar The European Session was a bit tight, so we started this session with the idea that, wihout news on the calendar, the currency markets would correlate with the commodities markets today. Oil was still high, so we focused on the CAD. Stock indexs were up after the open, so JPY was weak. This created a nice 75 pip CAD/JPY trade. Watch the video to see how the hourly 15 min and 1 min charts were used for entry and daily pivot points for profit taking.
- Wayne McDonell, Chief Currency Coach & Commodities Trading Advisor.
After the grind that was yesterday's London session, today's multiple technical moves were a welcomed addition. We had some nice trades take place on Aud/Usd, Eur/Usd, Gbp/Usd, Gbp/Chf, and some Yen pairings. In this video we focus on the first Gbp/Jpy trade, which was a nice quick short at the London open. We used multiple trend line s&r, Double top on a 50% Fibonacci retracement, bollinger bands, and futures market movement to plan this setup. Depending on ones entry it rewarded you with 50-90 pips, not quite reaching our overall target of 203 (the weekly central pivot point). However, bouncing exactly off of our lower trend line.
FXBootcamp London Currency Coach-
Christian Stephens
London session was range bound. Scalped a lot today... from bottom to top and then top to bottom. Traded majors after CPI and th London session was range bound. Scalped a lot today... from bottom to top and then top to bottom. Traded majors after CPI and then Yens later on.
This trading session was charictarize by scalping the 1 min chart in conjuction with the 1 hour chart. It started with better than expected US Core Retail Sales with a profit target of 204, which was the 200 hourly ema. Then scalping the pull back and even re-entering the long trade later on after the video was complete. In simple terms... tradied the big move up, scalped the pull back and got i on the continuation back up. Nothing special, but certainly profitable.
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
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
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
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.
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
The monthly U.K. services PMI report by CIPS is due for release during tomorrow's London session. This report tended to be a yawner for the GBP/USD as recently as last summer. But currency volatility has certainly changed since that time, and the pound's response to services PMI is no exception.
Things were relatively calm prior to the London open with the exception of the Aussie and Kiwi/USD. We had nice subtle rising lows on the GBP/USD with several wicks forming up around the 38.2 Fibonacci retracement of Friday's range.. We also had a Weekly central pivot point at 1.9867, as well as today's central at 77. This allowed us a fairly nice price trap, all we needed was some confirmation. Then we noticed some stochastic, and MACD divergence indicating downside was on the way, quickly followed by a new hourly candle double topping off the central pivot point. With all that ammunition available, there were at least 3 different entry opportunities for a short from the DT at 38.2 around 80 or so, to the final chance after the break of the trend line and a retest to 64, with a maximum risk of around 20 pips for a 80-120 pip target (nice ratio). Once that retest occurred it was off to the races in a short move that could last well into New York. So far this trade has produced a nice 100 pips as of the making of this video, we shall see if ISM helps this trade further today or not. Even if it does not, I'll take obvious 100 pip swings anyday! =)
FXBootcamp London Currency Coach- Christian Stephens
Daily Ranges * AVERAGE Last 4 Weeks EUR/USD
160 GBP/USD
192 USD/CHF
146 USD/JPY
124 AUD/USD
96 USD/CAD
109 NZD/USD
89 GBP/CHF
281 EUR/CHF
112 AUD/JPY
139 CAD/JPY
162 EUR/JPY
155 GBP/JPY
290 NZD/JPY
123
* - Based on DealBook 360 price data through Friday, May 2, 2008
Monthly Pivot Points*
| EUR/USD | GBP/USD | USD/CHF | USD/JPY | |
| R3 | 1.6432 | 2.0525 | 1.1119 | 111.30 |
| M5 | 1.6329 | 2.0406 | 1.0950 | 109.69 |
| R2 | 1.6225 | 2.0287 | 1.0781 | 108.08 |
| M4 | 1.6075 | 2.0182 | 1.0673 | 107.05 |
| R1 | 1.5924 | 2.0076 | 1.0564 | 106.01 |
| M3 | 1.5821 | 1.9957 | 1.0395 | 104.40 |
| PP | 1.5717 | 1.9838 | 1.0226 | 102.79 |
| M2 | 1.5567 | 1.9733 | 1.0118 | 101.76 |
| S1 | 1.5416 | 1.9627 | 1.0009 | 100.72 |
| M1 | 1.5313 | 1.9508 | 0.9840 | 99.11 |
| S2 | 1.5209 | 1.9389 | 0.9671 | 97.50 |
| M0 | 1.5059 | 1.9284 | 0.9563 | 96.47 |
| S3 | 1.4908 | 1.9178 | 0.9454 | 95.43 |
| USD/CAD | AUD/USD | NZD/USD | EUR/CHF | GBP/CHF | |
| R3 | 1.0608 | 1.0141 | 0.8300 | 1.6973 | 2.2103 |
| M5 | 1.0537 | 0.9991 | 0.8233 | 1.6791 | 2.1753 |
| R2 | 1.0466 | 0.9841 | 0.8166 | 1.6609 | 2.1403 |
| M4 | 1.0368 | 0.9737 | 0.8079 | 1.6500 | 2.1191 |
| R1 | 1.0270 | 0.9632 | 0.7992 | 1.6390 | 2.0979 |
| M3 | 1.0199 | 0.9482 | 0.7925 | 1.6208 | 2.0629 |
| PP | 1.0128 | 0.9332 | 0.7858 | 1.6026 | 2.0279 |
| M2 | 1.0030 | 0.9228 | 0.7771 | 1.5917 | 2.0067 |
| S1 | 0.9932 | 0.9123 | 0.7684 | 1.5807 | 1.9855 |
| M1 | 0.9861 | 0.8973 | 0.7617 | 1.5625 | 1.9505 |
| S2 | 0.9790 | 0.8823 | 0.7550 | 1.5443 | 1.9155 |
| M0 | 0.9692 | 0.8719 | 0.7463 | 1.5334 | 1.8943 |
| S3 | 0.9594 | 0.8614 | 0.7376 | 1.5224 | 1.8731 |
| AUD/JPY | EUR/JPY | GBP/JPY | NZD/JPY | CAD/JPY | |
| R3 | 109.23 | 174.76 | 223.27 | 88.20 | 112.83 |
| M5 | 106.62 | 172.31 | 219.70 | 86.87 | 110.65 |
| R2 | 104.00 | 169.86 | 216.13 | 85.54 | 108.46 |
| M4 | 102.48 | 167.99 | 213.70 | 84.45 | 107.13 |
| R1 | 100.96 | 166.11 | 211.27 | 83.35 | 105.80 |
| M3 | 98.35 | 163.66 | 207.70 | 82.02 | 103.62 |
| PP | 95.73 | 161.21 | 204.13 | 80.69 | 101.43 |
| M2 | 94.21 | 159.34 | 201.70 | 79.60 | 100.10 |
| S1 | 92.69 | 157.46 | 199.27 | 78.50 | 98.77 |
| M1 | 90.08 | 155.01 | 195.70 | 77.17 | 96.59 |
| S2 | 87.46 | 152.56 | 192.13 | 75.84 | 94.40 |
| M0 | 85.94 | 150.69 | 189.70 | 74.75 | 93.07 |
| S3 | 84.42 | 148.81 | 187.27 | 73.65 | 91.74 |
* - based on GFT DealBook 360 price data
May 2008
Weekly Pivot Points* May 5-9, 2008EUR/USD
GBP/USD
USD/CHF
USD/JPY R3
1.5955
2.0253
1.0995
108.77 M5
1.5889
2.0180
1.0898
108.00 R2
1.5823
2.0108
1.0801
107.23 M4
1.5723
2.0010
1.0743
106.77 R1
1.5623
1.9912
1.0686
106.30 M3
1.5557
1.9839
1.0589
105.53 PP
1.5491
1.9767
1.0492
104.76 M2
1.5391
1.9669
1.0435
104.30 S1
1.5291
1.9571
1.0377
103.83 M1
1.5225
1.9498
1.0280
103.06 S2
1.5159
1.9426
1.0183
102.29 M0
1.5059
1.9328
1.0126
101.83 S3
1.4959
1.9230
1.0068
101.36
| USD/CAD | AUD/USD | NZD/USD | EUR/CHF | GBP/CHF | |
| R3 | 1.0482 | 0.9650 | 0.8030 | 1.6597 | 2.1771 |
| M5 | 1.0422 | 0.9605 | 0.7992 | 1.6527 | 2.1569 |
| R2 | 1.0362 | 0.9560 | 0.7954 | 1.6458 | 2.1367 |
| M4 | 1.0320 | 0.9507 | 0.7915 | 1.6420 | 2.1236 |
| R1 | 1.0277 | 0.9453 | 0.7876 | 1.6381 | 2.1105 |
| M3 | 1.0217 | 0.9408 | 0.7838 | 1.6312 | 2.0903 |
| PP | 1.0157 | 0.9363 | 0.7800 | 1.6242 | 2.0701 |
| M2 | 1.0115 | 0.9309 | 0.7761 | 1.6204 | 2.0570 |
| S1 | 1.0072 | 0.9256 | 0.7722 | 1.6165 | 2.0439 |
| M1 | 1.0012 | 0.9211 | 0.7684 | 1.6096 | 2.0237 |
| S2 | 0.9952 | 0.9166 | 0.7646 | 1.6026 | 2.0035 |
| M0 | 0.9910 | 0.9112 | 0.7607 | 1.5988 | 1.9904 |
| S3 | 0.9867 | 0.9059 | 0.7568 | 1.5949 | 1.9773 |
| AUD/JPY | EUR/JPY | GBP/JPY | NZD/JPY | CAD/JPY | |
| R3 | 102.10 | 167.34 | 215.60 | 85.76 | 106.95 |
| M5 | 101.27 | 166.47 | 213.95 | 84.96 | 106.24 |
| R2 | 100.44 | 165.60 | 212.30 | 84.15 | 105.52 |
| M4 | 99.95 | 164.83 | 211.17 | 83.65 | 104.98 |
| R1 | 99.46 | 164.06 | 210.03 | 83.15 | 104.44 |
| M3 | 98.63 | 163.19 | 208.38 | 82.35 | 103.73 |
| PP | 97.80 | 162.32 | 206.73 | 81.54 | 103.01 |
| M2 | 97.31 | 161.55 | 205.60 | 81.04 | 102.47 |
| S1 | 96.82 | 160.78 | 204.46 | 80.54 | 101.93 |
| M1 | 95.99 | 159.91 | 202.81 | 79.74 | 101.22 |
| S2 | 95.16 | 159.04 | 201.16 | 78.93 | 100.50 |
| M0 | 94.67 | 158.27 | 200.03 | 78.43 | 99.96 |
| S3 | 94.18 | 157.50 | 198.89 | 77.93 | 99.42 |
Short term scalp trade after the NFP employment news. We used a standard news setup using market volitility to try to capture a continuation pattern. It worked well, but with modest results. This conservative trade certainly kept us out of trouble... watch the video to see what we did in the live event at FXstreet.com with 600 registered attendees.
If you attended the event and would care to leave some feedback, please do so here:
Expert: Wayne McDonell, Chief Currency Coach at FxBootcamp
Moderator: Maud Gilson, Conference Manager
Summary:
A trader with a SMART PLAN for every trade, a trade plan based on solid analysis before they pull the trigger, has a much greater survival rate on the long-term. Reacting to the market is a simple game of chance. This may work for some traders on the short-term, but eventually, their luck runs out.
Planning a trade in advance allows a trader to gather intelligence and formulate a strategy before they execute the tactics of getting in/out of a trade according to the plan. The benefits to learning how to plan your forex trading are immediate. First of all, you stop making stupid trades. Second, you make less trades. Lastly, you end up making the same types of trades repeatably, which means you can trade with this methodology throughout your career and not rely on your gut instinct or a flip of the coin.
In this two hour presenation, Wayne McDonell will take you through the step by step process reading the markets and creating a trade plan.
You will learn how to use:
- Moving averages to align market with price.
- Support & Resistance of market and price.
- The long term Trend as "Fair Market Value".
- Pivot Points analysis for Profit Targets.
- Limits for Exits.
- Mentally prepare for each of your trades.
- and more!
Part One: http://transcripts.fxstreet.com/2008/02/monthly-webinar.html
Part Two: http://transcripts.fxstreet.com/2008/02/monthly-webin-1.html
What? The GBP/JPY again? What can I say... we had big news, the stock markets fell and the JPY gained strength. At the time, th What? The GBP/JPY again? What can I say... we had big news, the stock markets fell and the JPY gained strength. At the time, the GBP was way over bought... so yet again, I shorted this pair for a scalp of about 125+ pips.
- Wayne McDonell, Chief Currency Coach, fxbootcamp.com
Sponsored by 
Type: Webinar
Sponsored by: GFT (Global Forex Trading)
Type: Live Webinar Register for this Session
Expert: Wayne McDonell, Chief Currency Coach at FxBootcamp
Moderator: Maud Gilson
Start: Fri, May 2 2008, 11:30 GMT
End: Fri, May 2 2008, 14:30 GMT
Participants: 179 pre-registered participants
Summary:
Come join us – 500 seats available, register now!
Trade Non- Farm Payrolls LIVE with Wayne McDonell - FXstreet.com & FX Bootcamp are partners of this event and GFT sponsors it. Don’t miss out on a great opportunity to learn keys to trade this economic report and ask questions while the market is moving!
Watch the video below to review last month's NFP event. http://fxbootcamp.fxstreet.com/2008/04/forex-non-farm.html
FX Bootcamp provides live play by play commentary and analysis during the release of the Employment Report:
- Learn how to conservatively trade during news events.
- See technical analysis applied to live market charts.
- Apply Pivot Point & Fibonacci Theories in real-time.
- Entry and exits point clearly defined in advance.
- Ask questions while the market is moving.
- Get the NFP NEWS Live!
SPECIAL PARTNERS of this 24th Edition:
*** Technical Trading: www.fxtechtrade.com
*** Asesoria Forex: www.asesoriaforex.com
*** Mataf.net: www.mataf.net
*** TradersLog: www.traderslog.com
BONUS: Trade The News will provide their live audio news broadcast at this event. We will get the NFP # instantly!
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