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FX Instructor Live Forex Trading Room Results | 11/07/2007

Out of intraday trade setups today, we traded just one. The Yen pairs were going crazy in the Asian session, and have been dropping like a stone. We managed to catch the GBP/JPY – and did not anticipate such a large move. The Divergence was certainly there – a Bearish Divergence. We entered our Short trade based on our Fibonacci Fan levels, and price went far beyond the expected target levels. We did not ride the price all the way down, however. This trade was a good example in the room of the effectiveness of Fibonacci Fans in general, and how to use them. We have been following up with a Bullish Flag formation on the GBP/USD daily charts . Price is expected to go up the distance of the flagpole, and is well into the process now. We also used the Andrew’s Pitchfork in an interesting and different way – one of our members sent us the idea to aligned the APF in a way which gives higher targets for the GBP/USD. The way this is going, we expect the pair to rally up considerably, to the upper line of our APF. I would like to close with an interesting development on the AUD/JPY. We have been following up this pair for some time. Based on the 4h charts, we had been expecting a downtrend, and plotted our Fibonacci Fan lines on the 4h charts. Once price enters into a fan channel, we expect it to continue retracing to a certain fan level. After price entered the fan channel, it has given us a Bearish Gartley Pattern. Gartley Patterns are very, very accurate. You don’t come across

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