FOREX VIDEO | NEW YORK SESSION REVIEW | April 22, 2009
Thank you Darling! That must have been the sentiment felt by numerous foreign exchange traders around the world who traded today’s Budget speech by UK Chancellor of the Exchequer, Alistair Darling. The chancellor’s latest policies, including an increase in the top income tax rate, prompted selling of the British pound at the open of today’s New York session. The previous 24 hours of price action and a Fibonacci study of the initial sell-off on the GBP/USD currency pair mapped out a logical short-trade entry point. Those traders who executed the entry plan, then closed the trade when price reached the daily M1 pivot point, realized a profit of 160 pips.
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Great video, thanks!
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Gr8 trade!!