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Asia into pre-London today continued the sell off on the Japanese Yen pairings from Friday’s fantastic drop off the daily resistance. The end result is we found ourselves at definitive support in pretty much every flavor on the Yen pair longer term charts, such as new weekly pivots, and long term trend lines. Opening a major market such as London “ON” support will generally lead to a rise before ever having a chance to fall again (due mainly to profit taking), such as a longer term Fibonacci pullback etc. Well since our London session is only a few hours long you have two choices. Either wait for the eventual longer term pullback entry, which could take until New York or never come, or conservatively set up high reward/low risk counter trend trade plan’s hoping to take advantage of the mass profit taking going on. While we covered multiple pairs in the session, in this video I focus on just one of these pair’s, the GBP/JPY. Using thing’s like, price trap’s, higher low’s, and Fibonacci on shorter term time frames we were able to plot a nice profit potential trade with a very low risk entry that ended up working out very nicely for around 125 pips if entered properly. Also this is after first being stopped out break even from an earlier attempt. Trading is hard enough as is, counter trend however requires an even more disciplined approach. Once we hit our target, early in the New York session a high quality re short into the direction of the original trend on the 4 hour did …
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