FOREX London Session Video October 3rd, 2007

The GBP/USD had been very choppy in the prior day, and slowly formed an ascending triangle on the 15 minute charts over yesterday and today. As price got heavy on the bottom, and broke the 200ema on the 15m chart, price took off for a quick 60 pip ride. There were a number of ways to perform a trade plan on this move which we discussed in detail live prior to the break. Either a break of the triangle, a break off the news trap 20 or so pips later, and/or a fade from the target. Today's target had something like 10 overlapping reasons for support at the same place, providing a fantastic fade/turtle trade opportunity as well for many of us.