FOREX VIDEO – London Session Review – June 23, 2010
25th June 2010 by Comments OffAs Pre-London was wrapping up and the London market was preparing to open, we started to see some clear strength on the British Pound Sterling against all comers. Once direction was given, a very quick but clear 50% Fibonacci pullback was offered but only very briefly for those that were prepared for it in the first place. However, if this entry was missed one had to wait nearly 2 hours for the next logical shot on a pullback off of a completely closed hourly Bollinger Band. Here is the rub though, this perfect 50% Fibonacci pullback that occurred 2 hours later happened just 2 minutes before the MPC Meeting Minutes release. So while it was a technically perfect entry, you had to be willing to take the added event risk of the news, which just so happened to go in our direction. You did have time to decide this ahead of time though, as the charts were definitely telling us this scenario was a likelihood.Quite often in fact, you will find perfect technical entry points right before a news event. However, in this case we still felt the odds were in our favor as I describe in the video. While we covered all GBP pairings, in this video we focus on just the GBP/USD setup and every detail involved in the planning, execution, and exit of the trade. FXBootcamp London Currency Coach- Christian Stephens
