Today’s London session was over all slow on price action with most pairs in a small range. GBPUSD was moving lower and gave a potential long entry at the big number 1.5500 which was also an O2W set up. Franjo took the long trade with a very tight 10 pip stop loss since this was a trade against the trend. As GBPUSD moved lower Franjo was stopped out for -10 pips. Next support level was 30 pips lower so it was a wise decision to take a small hit and potentially get back in at the next support area. When GBPUSD was at the 1.5470s area which was another O2W long set up Franjo went long and closed half of the position for +11 pips and balance of position for +18 pips.
New York started slowly, but Paul noticed that cable was gradually creeping up and then suddenly it started to move more quickly. He entered short at 53 and added at 64 as cable kept going, but he wasn’t worried as at that point 64 marked the trend line on the 4hr chart. Quickly, cable dropped from here, allowing him to get out for +10, however cable snapped back, having placed a fixed stop at break even he was stopped out. Annoyingly this again was the high and cable proceeded to drop 40 pips in 20 mins. Later in the session he saw Euro, which had been bullish in the early part of the session, come back to test figure. Paul went long at 99 but Euro quickly dropped another 8 pips suddenly the 1 minutes were bearing down on his entry so he was happy to get out for break even. However this turned out to be Euro low for the session and Euro began to climb leaving Paul to rue his decision to get out.
Sam started the late NY session by entering a short Eur/Usd ‘Orange to White’ trade setup that quickly netted +7 pips. As Eur/Jpy was showing strong shorting opportunities from the 5 and 15 minute boxes, he placed full short positions at each level as price pulled up into the sell zone. Once the trend kicked back in Sam cashed out the higher position for +10 pips on the first half, and +16 on the second half. He closed the lower position for +2, but some traders held on for another 15 pips. Sam also had discussions about the correlation of the Dow (Risk) with the JPY and other currencies, and was also able guide us on what chart patterns to look for before entering a Trend Trade. Overall we made some pips and had a great educational session as well.
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