Forex Video - Pre-European Review by SmartPip.com - February 16, 2012 | SmartPip Blog Talk | Forum

 
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Forex Video – Pre-European Review by SmartPip.com – February 16, 2012
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8:20 am
February 16, 2012


FXChris

South Florida, USA

Admin

posts 80

This entire week we have spent working our way back to the bottom of the recent consolidation range on the Eur/Usd. It has been 100+ pips every day as long as you waited for the right moment to take your shot. Today however, we open our day well extended from the previous day (we extended further after FOMC & into Asia) but not quite yet at the major support zone, yet at the same time not on resistance. So here we find ourselves in the middle waiting for one or the other. In this video we put together a battle plan for either contingency, since it is likely if we get another short it will only be a scalp, being that we are near a major support zone. Situations like this can be tricky, the last few days were certainly better looking than how we started today, but you make do with what you have, right? So using mostly Fibonacci retracement levels, pivots, role reversal, and USDX correlation, we put out plans together. In the end we ended up with a 35'ish pip eur/usd scalp along with a 40'ish pip Aud/Usd scalp. By no means amazing but 70 pips never killed anyone far as I know. We also discuss our intentions for later in the day/week.

If you would like to plan your day every day with us, please check SmartPip out at http://http:SmartPip.com/. We run do analysis and plan our day in a pre-European live Forex trading room M-F 1am-3am EST (0600-0800GMT). We also do private coaching by request.

Christian Stephens
@FXChris
SmartPip.com pre-European Analyst/Trader/Coach


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FXChris


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