FOREX Training Video | NY Close Session December 18, 2008

We are halfway through our 40 hour FXBootcamp trading/coaching marathon, and what a nice way to kick off the NY close today. Straight away as the session began, we caught a glimpse of a nice triangle formation on the DOW Jones just as most Japanese Yen pairings were sandwiched tightly between support and resistance, looking very heavy. This 3pm-4pm NY time frame is often the source of some very nice stock market volatility, and today did not disappoint. Seeing this setup on the Dow, I pulled up the most correlated Yen pairing with the markets, the Eur/Jpy. Simply put at that time all we needed was a break of the 8600 trendline area on the Dow and we would be very likely to see a nice drop of 100 pips or so on the Eur/Jpy, or any Yen pairing of ones choice. Sure enough, the Dow & S&P led the way, and the Yens followed. In this video we primarily use visual support/resistance, stock market correlation, and Fibonacci retracements to enter into what turned out to be a high quality, fast 85 pip drop straight to support to kick off the session. See you in London! FXBootcamp Currency Coach- Christian Stephens

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