This is a video summary of the Live Forex Trading Room session on November 20, 2007.

Today’s Summary, by Sunil Mangwani:

Its not necessarily every day that we get into a trade, nor do we need to enter a trade every day. We also have our share of losses. But for us, as long as we don’t have any formed confirmations based on technicals, we don’t enter into at trade. We spend the entire day here in the Live Trading Room analyzing the trades and different currencies using different tools to determine which phase of the price movement we are in.

Case in point, EUR/USD - for a couple of days now we have been looking for a Triangle Formation breakout on the H4 charts. We can see that the breakout took place to the upside - but the most important part, more so than the trade itself, is that we - and our members - are prepared. No matter which direction the breakout takes place in, we are ready with fixed targets, based on certain principles of Fibonacci Expansions which we use for targeting our Triangle setups. (more…)