Hey everyone, for this outlook I take a look at the Euro and Aussie, I also touch on some commodity discussion. The markets seemed to trade a bit thin yesterday during the European session, I think a combination of Monday and time of year were contributing factors. Hopefully today is better. Good luck!! David Pegler
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Not all speeches by government officials are equal. To label tomorrow’s speech by US Treasury Secretary Geithner as merely important doesn’t seem to do it justice. In the context of the current state of the US economy, it’s difficult to overstate the significance of the Treasury’s revamped plan for stabilizing the country’s financial system. Geithner is scheduled to reveal that plan at 12:30pm New York time.
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Monday’s news theme was purchasing manager surveys. On Wednesday, the theme is the same, only the target has changed, as we now switch from Monday’s focus on manufacturing to the much larger services sector. The European session will see the release of May’s UK Services PMI number, followed by ISM’s Non-Manufacturing Index more than five hours later. Euro zone retail sales, the latest US employment figures from ADP report, and the EIA’s weekly oil inventories report round out a news-packed trading day.
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The US dollar found firmer footing against the European currencies during the New York session as American stock market indexes saw red from the get-go today.
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Hi everybody, I have covered the USD related pairs extensively over the last 3 weeks, I think its time we mix it up a bit and look at some Yen trades. In this video I analyze the USD Yen and Pound Yen, with the help of Fibonacci and multiple time frames I have constructed some very conservative trade plans. Good luck and enjoy!! David Pegler
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Pre-London today was spent climbing on many pairs very very slowly to the top of traps etc. Once we finally hit resistance the bottom fell out on quite a few pairings for the rest of the entire London session. In this video we highlight two such pairs in the EUR/USD and the GBP/USD, and how we built trade plans for a short on both of them after waiting for a proper pullback. In the EUR/USD’s case it was a perfect channel break/retest entry, and on Cable a picture perfect 38.2% Fibonacci retracement provided our chance to short. Nice moves on these two along with several Yen pairs tonight. FXBootcamp London Currency Coach- Christian Stephens
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Short term scalp trade after the NFP employment news. We used a standard news setup using market volitility to try to capture a continuation pattern. It worked well, but with modest results. This conservative trade certainly kept us out of trouble… watch the video to see what we did in the live event at FXstreet.com with 600 registered attendees.
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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
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Stellar day for the British Pound Sterling. We started off pre-London a bit slow, but gave no reason to doubt continuation of our GBP strength started yesterday during the London session, as the EUR/GBP was tipping it’s hand early letting us know it’s intentions for the Pound tonight.. While there were numerous GBP long related entries speckled through out the European/London sessions, in this video I focus on one of the latter entries, a News scalp. In this video I show why we felt bullish still on the GBP to begin with, how we built our trade plan, where we planned to stop our loss and take our profit. After which we simply awaited the news release, and plotted our Fibonacci pullback entry zone after initial direction was known. What we ended up with for a news scalp was about as good as it gets, a 45′ish pip trade bouncing right off our target for a full hit, for only a 10-12 pip risk. We had larger spot traders today, but I really wanted to share this news scalp with you, as I believe this type of trade is where many have a hard time dealing with. Today was a wonderful British Pound Sterling buffet, I do hope you got your fill as well! Have a fantastic holiday weekend! FXBootcamp London Currency Coach- Christian Stephens
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As we exited pre-London and worked towards the open today we found ourselves trapped on quite a number of pairs, including all of the Yen pairs, AUD/USD, EUR/USD. While we went through many setups during today’s London in this video I focus on a break and retest of just one of these traps, the EUR/JPY. We had been scalping this pair through pre-London as the range between the top and bottom was still large enough to do this, but as London open neared this range became tighter in the Apex and a pop looked imminent. We we showing some MACD and Stochastic divergence hinting the break would be to the upside. Then it was just a matter of waiting for the break, drawing a Fibonacci retracement study, and pouncing on the retest/pullback entry. All of our entries on these breaks produced nice pips, yet none of them ultimately reached targets before retracing back past original entry. So as London finished we still have an inside day going into NY on several pairs. Take what you can get =) FXBootcamp London Currency Coach- Christian Stephens
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