This is a video summary of the Live Forex Trading Room session on September 27, 2007.

Today’s Summary, by Sunil Mangwani:

Good day today, with several good moves and great trades. Lets start right off with continuing where yesterday’s recap left off.

The GBP/USD has been Long into a trade since yesterday, based on our Divergence strategy. The price went up and reached our Fibonacci targets exactly as we estimated. The fib ratios and systems we use are very, very effective. Price paused at the 127% fib retracement level, and went up to the 161.8% level, where we closed off our trade for a profit of about 170 points. An excellent trade.

On the intraday basis, we had another trade on the EUR/USD. We went Long at a Hidden Diverence - higher lows on price, double bottoms on stochastics. This Hidden Divergence is supported by Fibonacci Fans, and we calculate our targets based on Fibonacci Expansions. You can see the accuracy of this long move up - price stopped right at the expansion level of 127%. Another excellent trade for about 50 points.

On the intraday basis as well, on GBP/JPY we were looking at a Triangle Break. We had plotted a Triangle on the 4h charts and were waiting for a break based on our Rules of Thumb for Triangle formations. Another effective trade of about 150 points. An excellent trade for our students and instructors.

I also want to show the effectiveness of our custom FXI Pivots indicator, usable on both Daily and Weekly periods. In this case we are using it on Weekly data, and it has proven very effective. The levels of support and resistance and the range for the week give us signals to enter a trade on the EUR/CHF, for a profit of about 120 points. As one of our members put it - a “walk in the park”.

All in all, an excellent day more than compensating for several slow days.Enjoy the video and see you next time at our Live Forex Trading Room!

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