Subscribe RSS Feed
During Pre-London today the British Pound Sterling began showing signs of strength against all comers, and offered a nice higher low entry on GBP/USD that carried eventually all the way until the daily R2 reversal pivot point. Great trade, was very rewarding. However, should you have arrived into the market JUST AS London opened, around 3am NY time, the only conservative way to join this move mid-swing was a decent pullback. Using correlation with EUR/GBP, along with all of the GBP pairings at the same time, we built two trade plans to re-long GBP/USD, and GBP/JPY. Unfortunately the GBP/USD just barely missed our entry criteria, so unless you were in since pre-London, it was rather difficult to long and feel fantastic about the risk. However, as greatly detailed in this video, the GBP/JPY pullback did indeed get near enough to our trade plan’s entry zone, and furnished us with a nice short term higher low exactly when we wanted to see it. This information, along with GBP correlation beginning to show continuation (eur/gbp etc.) gave us the confidence to take our entry here with a very minimal stop loss of 15-30 pips depending on the support you chose to place your stop loss under. End result, as the video shows, was a very clean 70-80 pip trade that allowed us to lock in break even, and subsequently what we call MAP at FXBootcamp (Minimal Acceptable Performance) of 15 pips very easily and quickly. Once that was done we simply awaited the 157 zone which we had as …
maxsuperstore.us
