The EUR/JPY long from yesterdays double bottom continued to perform throughout late Asia into Pre-London. This actually ended up creating a legitimate higher low on the Daily chart. In this video I break down in it’s entirety why I had good reason to believe the EUR/JPY would continue to rise throughout the London session today. Using things like MACD divergence on the EUR/USD and EUR/JPY, price trap breaks, the USD index, correlated JPY weakness, and of course our good friend Fibonacci to …
Today the EUR/GBP and GBP/CHF 2hr macd divergence we have seen for over a week finally was followed up by some lower highs on the EUR/GBP and higher lows on GBP/CHF. Hinting Strongly at minimum of a 21 ema pullback on these long term charts was about to occur. This meant essentially we had technical reasoning to go Long British Pound Sterling against all comers all night long at any support possible until either resistance was hit, or failure in the form of 1-2-3 pattern’s etc. There were …
As has been the theme for a while now, we opened London continuing a long GBP/USD, and long GBP/JPY that began in early pre-London trading. As London opened, we found ourselves retracing perfectly to our Fibonacci retracement zone along with the 15m 21ema. This pullback was happening without actually reaching resistance at 6610-6615 first, so we felt very confident in building a trade plan for longing off support, targeting at least this resistance. To make things even more interest, as …
Since the weekend I had spoken in length in the London FXBootcamp session about seriously developing 4hour MACD divergence on every Japanese Yen pairing I could pull up. About a third of the way into today’s London session we began to see hints of a change in direction, such as USD/JPY having an hourly lower high, then breaking it’s recent price trap’ support level in the 15m chart. In class we covered the trade plans for shorting the GBP/JPY, EUR/JPY, and USD/JPY, and any trader could have …
After yesterday’s break on the GBP/USD of the Daily chart channel top, and subsequent hit of the Daily 200 ema, we were poised for possible short trade setups after a 15m lower high developed. We were anticipating a retest of the Daily 5ema zone, channel top retest, as well as the 4hr 21ema, and 38.2 Fibonacci pullback, before any possible larger rise. As technical as we were set up to be, we were slapped with some surprise Fundamental news, when S&P downgraded GBP, citing debt was nearing …
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Dec 25 2009