FOREX Training Video | New York Session February 28, 2008

Two opposing trendlines converged on the GBP/USD during today’s European session to form a triangle, the apex of which was due for arrival in the early part of today’s New York session. Traders who spotted the setup found a conservative long trade entry after the breakout — in the direction of the prevailing trend and the market’s latest stint of dollar selling — during the hour prior to the start of the session. Fortunately, US GDP news did not ruin a good thing, as the move ultimately produced a profit of between 70 to 80 pips (depending on entry) for traders who exited at the psychological level prior to the European close.