FOREX VIDEO REVIEW: London Session May 21, 2009

August 29, 2010 by  
Filed under Forex review


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 100% GDP. This news sparked an immediate weakness in the British Pound Sterling across the board, on any pairing. While there were some ways to wiggle into this short, it truly covered 200+ pips in 5 minutes, it was very quick. This Fundy news took us too our overall short target much faster than ever anticipated, but yet we found ourselves at substantial support on the GBP/USD pretty much right away. In this video I show how we determined a take profit scenario on the short, and subsequent long opportunity to take advantage of the cashing out going on. This long produced anywhere from 75-135 pips depending on profit taking strategies. This was such an overlap of support that once we saw higher lows develop on the 1m chart it was pretty much all that was needed to take the chance, with a 30-40’ish pip risk for 75-150 pip possibility, nice risk vs. reward. Nevertheless I show how we entered this using a simple Fibonacci study along with actual price action in those zones. Additionally in

Comments

5 Responses to “FOREX VIDEO REVIEW: London Session May 21, 2009”

  1. clever786 on August 29th, 2010 7:07 am

    Sir, i think you may wanna draw thinner lines so you and ur viewers can see candles clearly. thick lines can hinder one from seeing action, thank u for good videos which u put up, u have great presentation skills.

  2. DDDianaDDD on August 29th, 2010 7:52 am

    Great video, thanks!

  3. usheleanr on August 29th, 2010 8:23 am

    Great video Chris. Was not around during the first 4 hours 21 rebounds, but got no further in NY. Thanks for the great entrenador.Cheers KiwiRob

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