FOREX New York Session Video October 23, 2007
The USD/CAD had already exceeded its recent average daily range when it reached the M1 pivot point and the 121.4% Fibonacci extension of yesterday's range at the open of today's New York session. After the Loonie's response to Canadian retail sales news failed to break those levels of support, the cross of the 5 EMA and 8 SMA provided the final confirmation for traders seeking a long trade. The Loonie ran out of steam just prior to London close, so the trade's 70+ pip potential was not realized. However, a profit of at least 15 pips was attained by those traders who executed proper trade management.
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Posted by: Forex | October 24, 2007 at 02:12 PM