Forex Trader | Rates | Charts | News | Pips |

As 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

We began the London session today looking rather umm… shall we say ‘Tired’ on several pairs. One of these pairs was the GBP/USD and it’s repeatedly failed attempts at breaking the 1.44 zone in any sort of sustained fashion. While the market was somewhat challenging and choppy tonight, in this video I show how we ultimately put together a battle plan for the Cable and ended up leeching just about as many pips as possible off ot it several times throughout the London market. The 4 P’s got it handled 1) Plan, 2) Patience, 3) Pounce, 4) Profit. Wit proper planning and discipline we turned an otherwise challenging night into a profitable one using little more than our old friend Fibonacci. FXBootcamp London Currency Coach- Christian Stephens

Forex Technical Update 6/1/2010: forex trading, EUR/USD, GBP/USD, EUR/JPY, XAU/USD, Gold, technical analysis Fan Yang CTA www.fxtimes.com There was a broad slide in the US dollar to start the week. However the Euro bore even more pressure as the EUR/USD pair hammers at its 1.2150 support. The GBP/USD pair is in consolidation but looks much stronger than the EUR/USD. The EUR/JPY made a convincing rally attempt today, but it is within a side-ways consolidation with bearish bias. Finally Gold continues to rally towards the record high near 1250 as anticipated.

Asia’s activity today left us with a little cloudy picture on several pairs coming into London. We definitely had clear direction on many pairs but found ourselves near interim support/resistance on the same pairs as London was opening, so what we needed were some pullbacks. One such pairing was the GBP/USD today, which found itself pulling back to a near perfect Fibonacci zone which overlapped multiple types of dynamic ema resistance exactly as London opened. While this entry was ideal, should one have missed this entry (which sadly I did due to my alarm being 2 pips further), how could we try and still enter this trade conservatively and not feel like we were price chasing. Well in this video I show you how I walked the fxbootcamp room through that very process. Ultimately it offered us two opportunities to join this move, one ended up break even while the other ended up a 50-60 pip traded depending how you decided to take profit, near or at the Weekly Central Pivot point. Regardless of your bias on a pairing you still must be able to build a trade plan with acceptable risk parameters or you simply should not take the trade. This video shows how we finally were able to make the risk/reward make sense to join this in the middle of it’s move. fxbootcamp London Currency Coach- Christian Stephens

John’s Trades: Short EUR/JPY, EUR/GBP, GBP, USD Daily wrrap-up of the US Forex market trading session with dailyfx Currency Strategist John Kicklighter. Includes coverage of economic and financial market news, as well as an outlook for the next 24 hours and trading ideas. www.dailyfx.com

Daily morning analysis of the US Forex market trading session with dailyfx Currency Strategist David Song. Includes coverage of economic and financial market news, as well as an outlook for the day ahead and trading ideas. www.dailyfx.com

EUR/USD long trade based on the Non Farm news candle showing strong upward momentum: -4H strong support zone off a rising support channel. – Price has found strong support off the 61.8 retracement level on the daily chart.. – 5M chart indicating more upward momentum.

London started off kind of slow today and we bounced around a bit looking for strength versus weakness. Most of us were in some sort of a British Pound long from late in the pre-London session, but we were starting to see some clues of exhaustion, time to take some profit, or protect pips. Then we took notice of the GBP/JPY pair particularly starting to show short term MACD divergence pretty much exactly when it was hitting it’s Daily 200ema, previous swing high on the Daily chart, as well …

Very sweet session indeed on quite a few pairs today. In this video I focus on just one reload entry of one of these moves, the short on the GBP/USD. We had opened London and extended right down to our daily M1 pivot point/4 hour 200 ema combination. In this video I essentially show you the plan for a re-entry into this short yet again off of a combination of Fibonacci levels, hourly 5ema, daily S1 pivot point, and 4 hour 5 ema, and targeting our S2 pivot point today around 1.6250 or so …

As we approached today’s London market open, we found ourselves in a nice continuation short on GBP/USD and GBP/JPY from a late pre-London entry. However, exactly as London was opening we found the GBP/JPY sitting exactly on the daily S2 reversal pivot point, along with also sitting on the weekly S2 reversal pivot point. How often does that occur, not often right? Anyway, we also were sitting on a trend line support for the USD/JPY (daily chart), along with GBP/USD at it’s M1 reversal pivot …