FOREX London Session Video March 10, 2008

Rather choppy night on the first London session after last weeks Negative NFP report. Also there was a Daylight Savings Time change which affected everyone in the US today. This combo made a proper London open a little harder to pinpoint. Nevertheless, even with the tight action we were able to identify a nice entry on GBP/JPY using a multi-year low from USD/JPY, and it's behavior around that number today. As well as short term stochastic, and MACD divergence with price action indicating the down move was losing steam. This was all happening at the bottom of a short term channel. Once 5/8 cross is all you really need at that point to offer confirmation. Depending on how the trade was handled afterwards it was a fairly easy 40-90 pips. Nothing wrong with that on a tougher than normal night for follow through. Otherwise it was a decent night for capital preservation.