FOREX London Session Video December 17, 2007

After Fridays huge USD strength play across the board, the EUR/USD retraced to a 21% fib, and off the hourly 21 at the beginning of this week's thinner London session. This provided a nice short EUR/USD entry off the 21 ema, or slightly after with shorter term chart confirmation & opening BB's on the 15 minute chart. A nice steady 'ride the 5 (ema)' took place pretty much all night on both the 15m and hourly chart. The EUR/USD eventually hit the 4350 area which is a 38.2 Fibonacci retracement level of the last uptrend that just began in August 07, and we knew this could certainly provide support. After dropping about 20 pips further the pair then showed us a 5/8 cross on a 5min, followed by other clues that the trade was done. Not a bad 70-120 pips depending on entry/exit on a thin market night, more if you took some other USD pairs at the same time.