Forex Trading Tips

The USD has been quite the bull lately and we have not yet seen any reason technically for that to cease. With the situation in Greece very tense, the Euro has shown even further weakness. With this Euro weakness and USD strength we again were looking to the EUR/USD for some further clues of continuation down. In this video I highlight how we built a trade plan starting at today’s London Session around a 40′ish pip hourly price trap, break, and then retest. Once the break occurs it was time for our favorite friend Mr. Fibonacci to step in, and sure enough he coughed up several opportunities to snag a nice EUR/USD short entry to start the day. While it took all night to really follow through, it completed its drop today of 120 pips or so from the Fib in dramatic fashion with China raising it’s reserve requirements unexpectedly, causing a strong push to the 1.3550 area which also happened to be our daily M1 reversal pivot point, Profit take time! Lovely trade. Have a fantastic weekend folks! fxbootcamp London Currency Coach- Christian Stephens

Today’s NFP # came out as expected, but once again, the previous months results were drastically revised upward. This gave strength to the USD. A Fib Retracement predicted a Fib Extension that overlapped a key Support Pivot Point. This convergence was a great profit target for a conservative and repeatable trade. LIVE FOREX TRAINING | EVERYDAY! WWW.FXBOOTCAMP.COM

The forex uptrend was still in place, but showing signs of weakness. Retracement is becoming more and more possible. MACD Divergence, rejection at a Reversal Pivot Point, a 61.8% Retracement and a Triangle break eventually all pointed down. Target was the 138.2% Fibonacci Extension which over lapped with a Support Pivot Point.

There was a quick little 70 pip jaunt to 1.30 on the EUR/USD in pre-London today which went very nice. However, this then set us up with a Double Top at 1.30, weekly R2 reversal Pivot Point, major psychological level just as the London market is opening. So a whole bunch of money is entering the market as we are at major resistance, recipe for short plan indeed any time that happens, at least on the near term. If we manage however to break 1.30 it looks like a good rally could ensue. It’s very rare that we attempt to build trade plan’s on a ‘counter-trend’ type scenario, but this setup was just too good to ignore. In this video I show how we were able to enter into this short in a couple places, while at the same time keeping the risk, and risk vs. reward in line. In any counter trend situation you typically will have a rougher ride down, as literally every line of support will be respected. To remove this stress you need to have a very solid trade plan, and control your risk so that the fluctuations will not ‘emotionally’ shake you out of the market. By doing this you remove the possibility of getting in your own way and cutting the trade short etc. Once you have moved 15-20 pips in profit and can lock in break even, just relax and give the trade room to play out. This trade was essentially a Fibonacci festival as you will see, which ultimately led to 80-90 overall pips at it’s best point for an initial 22 pip risk. It did however, take all night to reach it’s destination.

FXBootcamp London Currency Coach-
Christian Stephens

Most New York traders face a fork in the road strong or weak US dollar at the beginning of each day. Fortunately, multiple technical clues materialized on the currency charts during today’s London lunch, and all signs pointed down the same path: Weak USD. A long trade on the GBP/USD saw limited upside due to relative weakness of the British pound, but lack of strength was not an issue for the Swiss franc. A short trade came together on USD/CHF after the bounce at the central pivot point during the hour prior to today’s New York open. A reward of 110 pips was waiting for those traders who took profit at the M1 pivot point.

Free Forex Trading Tips: http://www.forexstrategysecrets.com/blog Forex Tip: do not set your stop loss by a set number of pips, or at a pivot point, or a Fibonacci line. Set your stops where the Forex market tells you to set them. This forex tip has helped me improve my trading tremendously. There is no such thing as a Forex autopilot mode.

At the open of today’s European session, major central banks announced a coordinated move to improve liquidity conditions in the global financial markets. The EUR/USD rose in response and managed to break above resistance of the 100-pip range which had defined the pair’s previous 12 hours of price action. A 100-pip trade was the outcome for traders who executed a long trade entry at the re-test of resistance, then took profit at the daily M4 pivot point.