FX Instructor Live Forex Trading Room Results | 10/03/2007

Two trades today worth mentioning, taken in the live Trading room by ourselves and our subscribers. Both based on Divergences.

GBP/JPY on 30 min. We noticed a Hidden Bullish Divergence - price forming higher lows, stochastics lower lows. In this case we used an Andrew's Pitchfork to confirm our entry. When price came down and found support at the lower line of the pitchfork, this was the signal to go Long.

For this hidden divergence trade, where do our targets lie? We used Fibonaci Expansions to find out. The 127% level was the area where the price stopped exactly. Many ways to skin a cat, as they say, but all of them very effective. 150 points on GBP/JPY when the trade completed. An excellent trade.

The other trade which we are still in the process of observing is the CAD/USD. We have been looking at it with a bullish bias for some time now, waiting for price to give us a confirmation. The trigger for our trade was a similar Hidden Divergence - higher lows in price, lower lows in stochastics. In this case, we used Fibonacci Fans to confirm the support level for our Hidden Divergence. It is an excellent trigger for the trade.

One of the supports for the fans was also created by a Regular Bullish Divergence. This is one of the situations where you have a lot of odds going in your favor. We advocate aggressive trades in this case - enter as soon as you get a confirmation, jump into the trade, and start taking profits.

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[forexgraduate]

tq.good video