Although the EUR/USD continued on it’s merry way downward from pre-London into London itself, one can’t help but look for any clues/opportunities to sneak into a counter trend spot/scalp back up on the EUR/USD at least on the short term. With NFP tomorrow morning, and quite a solid extension this week on the EUR/USD drop, a short term counter seemed feasible. In this video I discuss how we setup for a possible counter trend trade, what we looked for, and how we entered/exited the trade for a 50 pip profit/20′ish pip risk sort of move before the short continued again. FXBootcamp London Currency Coach- Christian Stephens
This could be a critical week for the Euro. Current price action suggests we are poised to break further to the downside to the lower 1.30 range. Do not discount however what would happen if we were to long long from here. It could be the other extreme of 1.50 and further. Lets take a depper look at whats going on.
While remaining bearish on the EUR/USD longer-term, I feel it’s current run is due for a pullback to the 1.48 region, therefore an opportunity to buy some cheap Euro’s at the current levels. This video builds a very basic case with very low risk opportunities to buy EUR/USD if the short-term charts present opportunities.
The GBP/USD, just after the London open today, had bounced convincingly off of the daily M1 reversal pivot point which overlapped with a very noticeable 2 or 4 hour trend line. Shortly after which, a better than expected Retail Sales number from Great Britain catapulted the Pound even further northward through the 15 minute 200ema, but just shy of the next level of resistance at the time of 4320 or so on the hourly chart (200ema). These longs were very tradeable using short term confirmation …
At today’s London Open we found ourselves breaking a channel to the upside on the GBP/USD, but at the same time fast approaching the 15m 200ema, 38.2 Fibonacci retracement level of the last couple days range, among other levels of resistance. All of these areas found themselves overlapping one another right around the 1.4700 psychological level. In this video I show in great detail how we saved ourselves from falling for a long after a pullback on this resistance, and actually gained the …
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May 10 2010