Daily Recap of the Cowabunga System for Tuesday, 11/25/08
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CAFFERTY
Daily Recap of the Cowabunga System for Monday, 12/01/08
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TOODLE
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MARCHAN
There was a quick little 70 pip jaunt to 1.30 on the EUR/USD in pre-London today which went very nice. However, this then set us up with a Double Top at 1.30, weekly R2 reversal Pivot Point, major psychological level just as the London market is opening. So a whole bunch of money is entering the market as we are at major resistance, recipe for short plan indeed any time that happens, at least on the near term. If we manage however to break 1.30 it looks like a good rally could ensue. It’s very rare that we attempt to build trade plan’s on a ‘counter-trend’ type scenario, but this setup was just too good to ignore. In this video I show how we were able to enter into this short in a couple places, while at the same time keeping the risk, and risk vs. reward in line. In any counter trend situation you typically will have a rougher ride down, as literally every line of support will be respected. To remove this stress you need to have a very solid trade plan, and control your risk so that the fluctuations will not ‘emotionally’ shake you out of the market. By doing this you remove the possibility of getting in your own way and cutting the trade short etc. Once you have moved 15-20 pips in profit and can lock in break even, just relax and give the trade room to play out. This trade was essentially a Fibonacci festival as you will see, which ultimately led to 80-90 overall pips at it’s best point for an initial 22 pip risk. It did however, take all night to reach it’s destination.
FXBootcamp London Currency Coach-
Christian Stephens
LAVOY
Daily Recap of the Cowabunga System for Wednesday, 10/22/08
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JESPERSON
Examples of applying the ABCD pattern on the 5min chart of the GBP/JPY pair throughout the trading day (non-news).
FROST
Most New York traders face a fork in the road strong or weak US dollar at the beginning of each day. Fortunately, multiple technical clues materialized on the currency charts during today’s London lunch, and all signs pointed down the same path: Weak USD. A long trade on the GBP/USD saw limited upside due to relative weakness of the British pound, but lack of strength was not an issue for the Swiss franc. A short trade came together on USD/CHF after the bounce at the central pivot point during the hour prior to today’s New York open. A reward of 110 pips was waiting for those traders who took profit at the M1 pivot point.
ARITA
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KUMM
This was certainly a “smart money” trading day. Hedge fund managers controlled everything before and after today’s main fundamental event, oil inventories, was released. Watch this video to see how we scalped the news using a 1 min chart and also see how the professional traders were trading the 4 hour chart. You will not, because of the influence of the institutional players, today’s daily pivot points were usueless, however the weekly pivots were extremely powerful.
CISSELL
The famous Yogi Berra quote, It’s deja vu all over again, must have been in at least some Forex traders’ minds at the open of today’s New York session. Selling pressure on the US dollar began at that time, as it had on 6 of the previous 7 trading days, and the euro rose to the occasion after a big post-FOMC move the previous day. A bounce at support at the start of the session was the pitch, and it looked like a grapefruit to those traders whose bias was up. The outcome was a 300-pip homer.
BOHANAN