This is a video summary of the Live Forex Trading Room session on November 6, 2007.

Today’s Summary, by Sunil Mangwani:

There was one intraday trade taken today which went off very well. I would like to concentrate on this trade today and the process which gave us the necessary confirmations to enter the market correctly.

It was a Yen pair on which we traded, but thats not how the trade started out. Lets have a look at the sort of correlations we were looking for.

We started off analyzing the EUR/USD. This pair has been in a bullish intraday phase, and we plotted some 1-2-3 Formations and applied our Fibonacci Expansions. Based on the Expansions, we knew that a certain level has yet to be satisfied. We were thus bullish on the EUR/USD, expecting it to go up. (more…)