The British Pound Sterling kicked off the pre-London session with some high quality weakness across the board. This continued to off some nice pullback entries early on into the London session. However, we were approaching support in many flavors around the 1.4900 area. Things like long term 50% Fibonacci retracement levels, Daily, 2hour, and 4 hour overlapping support, daily central pivot point, about 7 things all falling exactly at the same place on many time frames. Even with all the Pound weakness this gave us high reasoning to expect a good deal of profit taking, which would end us north at least back to the 15m 21ema region, which was 90 pips from the bottom. It is this ‘long term’ pull back that I wish to demonstrate in this video, and actually counter trend scalping that pullback using a 15m and 1m chart for confirmation of entry. This was a high reward low risk setup counter trend scalping setup that coughed up anywhere from 50-70 pips depend on members entry exit strategy. Sometimes actually ‘trading the pullback’ can be as sweet of a setup as taking the pullback in the trend direction if there is enough pips in between. Decent night to play with Cable. FXBootcamp London Currency Coach- Christian Stephens
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Tags: 2009, Forex, January, London, Review, Session, VIDEO