FOREX New York Session Video December 11, 2007

Since the AUD/USD had been dropping for hours during early trading today, more of the same was certainly a fair assumption as the New York session approached. An analysis which combined moving averages, Fibonacci retracements, and pivot points suggested that conditions might be ripe for an Aussie reversal. Traders who were seeking a long trade found confirmation of the bounce on the 3-minute chart. An exit at the first target, set at a psychological level near the R1 pivot point, would have netted about 60 pips, but a mid-session retracement was severe enough to end the trade at a more modest gain of 20 pips. A short trade on the GBP/USD during the second half of the session fared better, as weakness in the British pound across the board finally took its toll on the cable.

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Education

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• Forex
• Training
• Currency
• Dollar
• Money
• FX
• 4X
• trader
• Foreign
• Exchange

[DDDianaDDD]

Great video, thanks!