This is a video summary of the Live Forex Trading Room session on November 7, 2007.

Today’s Summary, by Sunil Mangwani:

Out of intraday trade setups today, we traded just one. The Yen pairs were going crazy in the Asian session, and have been dropping like a stone. We managed to catch the GBP/JPY - and did not anticipate such a large move.

The Divergence was certainly there - a Bearish Divergence. We entered our Short trade based on our Fibonacci Fan levels, and price went far beyond the expected target levels. We did not ride the price all the way down, however. This trade was a good example in the room of the effectiveness of Fibonacci Fans in general, and how to use them. (more…)