Forex Video | New York Session Review | July 31, 2008

Two U.S. news reports provided some surprises on the eve of nonfarm payrolls. Weekly jobless claims, although apparently skewed by an emergency unemployment compensation program, attracted attention by posting a 5-year high. Q2 Advance GDP was lower than expected, and revisions to previous quarters indicated that the US economy actually contracted during the final three months of 2007. Traders who were looking to go long on the EUR/USD found a classic news trade setup, featuring a near-perfect bounce at a 38.2% Fibonacci retracement level. The subsequent move, which ended at an overlap of the hourly 200 ema and a psychological level, yielded 55 pips.

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Education

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• forex
• currency
• trading
• fxbootcamp
• money
• 4x
• fx

[DDDianaDDD]

Great video, thanks!

[keithdi]

An insightful pre-news analysis of the Forex market for historical fundamental data from historical information on prior news releases hinting at the possible prospects for a conservative and repeatable trade based on the post release reaction. Fibonacci levels and pivot theory as well as currency correlations are explained as tools for successful management of the trade. Great stuff from Captain Quant...( thanks Curt)