Learn to trade Forex & CFD's with Nial Fuller . . .
PRICE ACTION TRADING FORUM
Daily Forex Market Commentary:
On Wall Street today stocks closed largely unchanged as thin volume and end of year profit taking resulted in a pause in the recent advance.
Currencies:
The U.S. dollar gained marginally against the Euro, Swiss Franc, and Australian dollar, while making substantial gains against the Japanese Yen and especially the Canadian dollar, the U.S. dollar lost ground to the British pound and New Zeeland dollar. The United States economy is largely viewed as being on the road to recovery and the Fed is expected to raise interest rates sometime next year which is the underlying factor behind recent dollar strength.
Pair in focus: USD/CAD
The nicely formed daily pin bar at 1.0400 support came off nicely today as noted in yesterday’s member’s market commentary.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my price action trading course.
Daily Forex Market Commentary:
The Dow closed down marginally today after a low volume trading session and a disappointing housing report led investors to halt the previous 6-day rally.
Currencies:
The U.S. dollar gained on most of the major currencies today except the Australian dollar and New Zeeland dollar, however it looks like the dollar strength is set to continue across the board. Nice fakey setup on the eur/usd today that looks to continue the current downtrend into the 1.4220 area.
Pair in focus: EUR/USD
The euro/dollar inside bar from yesterday broke out to the upside but then quickly got sold back down resulting in a very nice fakey setup. For more great price action setups and specific entry and exit ideas check out our member’s trading forum.
For a more in-depth analysis of the Major FX Pairs and Price Action education please check out our forex price action trading course.
Daily Forex Market Commentary:
On Wall Street today stock indexes hit fresh 2009 highs as indications of improved consumer spending lifted shares of retailers. Volume was light today due to the end of year holiday season. Airline stocks fell today as the U.S. tightened airline security after last week’s incident involving a Nigerian man who tried to blowup an airplane headed from Nigeria to Detroit via Amsterdam. Crude oil and Gold rose along with other commodities.
Currencies:
The U.S. dollar fell today against the euro, pound, Swiss franc, Australian dollar, Canadian dollar, and New Zeeland dollar, while gaining modestly against the Japanese yen. Volume will likely be light all week as trader’s take a break for the holiday’s and end of year festivities.
Pair in focus: EUR/USD
Today formed an inside bar within last Friday’s pin bar. This setup is going with the dominant daily trend. A downside break of today’s inside bar could result in a continuation of the downtrend into 1.42200 and possibly below.
For a more in-depth analysis of the Major FX Pairs and Price Action education please check out our forex price action trading course.
Daily Forex Market Commentary:
The Dow closed up 53.66 points today, closing out at 10,520.10 which is the highest closing price this year. Investors found new hope in the economic recovery following upbeat reports on unemployment and durable goods orders. Volume was extremely light today due to the impending Christmas holiday.
Currencies:
Gold and other commodities prices increased today causing the U.S. dollar to fall. However, by the New York close it was apparent most of the dollar losses had been reversed as the overall trend of the greenback has been up against the major currencies recently.
Pair in focus: GBP/USD
Today’s daily bar on the pound/dollar formed another solid fakey setup. Fakey setups have been paying off quite nicely lately, we cover all the relevant fakey setups every day in our live member’s trading forum.
For a more in-depth analysis of the Major FX Pairs and Price Action education please check out our forex price action trading course.
Why Forex is the Best Market to Trade. 1. Forex is the largest financial market in the world.
The forex market has daily volume of over $3 trillion per day, dwarfing volume in the equity and future markets combined. Such a huge amount of daily volume allows for excellent price stability in most market conditions. This means you likely will never have to worry about slippage as you would when trading stocks or commodities. The price you see quoted on your trading screen is the price you get.
Daily Forex Market Commentary:
The Dow closed up narrowly today following an erratic trading session on Wall Street. Rising commodity prices where enough to close the day in positive territory after a disappointing report on New Home Sales indicated they dropped 11.3 percent in November, the lowest level since March.
Currencies:
The U.S. Dollar rally fizzled today as the latest economic data indicated a slow recovery. A rally in gold, oil, and other commodities help push the dollar lower today.
Pair in focus: EUR/JPY
As our commentary from last Friday pointed out the nicely formed pin bar on the eur/jpy daily chart has paid off into the next relevant horizontal level. Trader’s still holding positions should look to exit as the near-term risk has moved to the upside. Our member’s get in-depth analysis of all relevant price action signals on a daily basis.
For a more in-depth analysis of the Major FX Pairs and Price Action discussion please check out our member’s trading forum.
Daily Forex Market Commentary:
The Dow closed up 50.79 point today as a much better than expected existing home sales report indicated increasing stabilization in the housing market and gave a boost to optimism about the economic recovery.
Currencies:
The U.S. dollar rally continued again today as the economic recovery is giving rise to increased speculation the Fed will raise rates sometime next year. Higher interest rates are good for a country’s currency because they signal it’s economy is heating up and provide a higher yield to investors.
Pair in focus: USD/CAD
USD/CAD- Inside bar today within yesterday’s fakey. The fakey setup is still valid and trader’s could buy a break of the high of today’s inside bar and target 1.0700 area. A tight stop could be set below the low of yesterday’s fakey bar, make sure to manage your risk effectively.
For a more in-depth analysis of the Major FX Pairs and Price Action education please check out my forex trading course.
Daily Forex Market Commentary:
The Dow closed up 85.18 points today as a flurry of corporate deal activity highlighted the strength of the economy as a whole. President Obama’s health care overhaul also gained some positive momentum today which helped fuel the rally in stocks.
Currencies:
Gold and oil fell today helping push the dollar higher against the majors once again. The prospect of higher U.S. interest rates next year is still fueling the dollar’s rally. Technically speaking the perfectly formed weekly pin/reversal bar from 3 weeks ago in Gold tipped keen traders off to this dollar rally that is now well under way. We posted this pin bar as it closed out in our member’s forum 3 weeks ago.
Pair in focus: USD/CAD
Fakey today with the recent up-ward momentum. This looks like a tricky one, there could be some downside movement, stops would need to be placed below the low of today’s bar, make sure you adjust your position size down accordingly
For a more in-depth analysis of the Major FX Pairs and Price Action education please check my forex trading course.
Daily Forex Market Commentary:
Tech stocks pulled the market out of a 3 day slide today as two big technology firms signaled that business was improving raising hopes about business spending. The Dow closed up 22.90 points for the day.
Currencies:
The U.S. dollar’s recent advance against major currencies took a breather today. The euro/dollar and pound/dollar ended nearly unchanged while the dollar lost ground to the Australian dollar, Canadian dollar, Swiss Franc, and New Zeeland dollar, dollar strength did continue against the Japanese yen however.
Pair in focus: EUR/JPY
Nice daily pin bar today off support. 131.60 area seems to be a likely upside target for next week. It is worth noting there is also a weekly pin off support on this pair. We discuss price action setups everyday in our member’s market commentary.
For a more in-depth analysis of the Major FX Pairs and Price Action discussion please check our member’s price action forum.
10 Key Reasons why Price Action will improve Your Forex Trading Results by Nial Fuller.
The fundamentals of price action analysis are not something that fade away with time or that can become irrelevant through wide-spread usage. One of the best reasons to start using price action as your main trading method is that the analysis of price action setups gives you a way to make sense out of market movement; it allows you to put price data into a context that makes logical sense. Traders often get caught up using indicators to analyze price movement, this is like going to a mechanic if you are feeling sick, it just doesn’t make sense to look at a lagging price indicator to analyze price movement when there are regularly repeating price action setups that can give you a much better expectation of what price is likely to do next.
Daily Forex Market Commentary:
On Wall Street today the Dow closed down 132.86 points or 1.27% as the U.S. dollar’s rebound pushed investors into risk aversion. A weak profit outlook for FedEx sank transportation shares. Financial stocks were also down after earnings estimates for Goldman Sachs and Morgan Stanley were cut by analysts.
Currencies:
The U.S. dollar gained across the board today as the U.S. dollar index which measures the dollar’s performance against a basket of major currencies rose nearly 1 percent to it’s highest level in more than three months.
Pair in focus: EUR/USD
Yesterday’s inside bar came off nicely and moved to the downside as expected via yesterday’s chart commentary on this pair. The Fakey that started this downward trend was the first in a series of 4 great entry points that should have netted you some serious cash. This is what price action trading is all about, our members get daily price action analysis on all the major FX pairs.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out my price action educational course.
Daily Forex Market Commentary:
On Wall Street today the Dow closed down 10.88 points after earlier gains. The Fed outlined plains to remove economic supports next year.
Currencies:
The U.S. dollar was mixed against the major currencies today, it gained against the Euro, Australian dollar, New Zeeland dollar, and Japanese Yen while remaining unchanged against the Canadian dollar, the U.S. dollar lost ground to the British pound.
Pair in focus: EUR/USD
The euro/dollar formed another inside bar today within the current down trend. Support is now seen coming in around 1.4400.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our live member’s trading forum.
Daily Forex Market Commentary:
On Wall Street today the Dow closed down 49.05 points. A larger than expected jump in the Producer Price Index brought about new fears that rising consumer inflation would force the Federal Reserve to raise interest rates. General Electric Co. also reported today that they forecast revenue and earnings would be largely flat in 2010.
Currencies:
The U.S. dollar gained on the other major FX pairs today. The euro has been especially weak lately as evidenced by the dollar rising to its highest level in two months against the euro today.
Pair in focus: EUR/USD
Euro/dollar has had two good inside bar setups recently that netted traders some decent gains if they took them with the dominant trend. Inside bars work best when taken with the dominant daily trend direction.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out my forex price action course.
Daily Forex Market Commentary:
On Wall Street today the Dow closed up 29.55 points or .3 percent to 10,501.05 which is it’s highest close since October 1st 2008. Easing debt concerns from overseas along with a $29 billion takeover deal by Exxon Mobil Corp. fueled today’s rally.
Currencies:
The U.S. dollar fell against other currencies today, this led to a strengthening of gold and other commodities. Commodities are priced in U.S. dollars and become cheaper for foreign buyers when the U.S. currency falls.
Pair in focus: USD/CAD
Dollar/Cad formed a decent pin bar off resistance near 1.0670. A break of the low of today’s pin bar could see a move down to around 1.0500 where downside support begins to thicken again.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our live member’s trading forum.
Daily Forex Market Commentary:
On Wall Street today the Dow closed up points as stronger than expected retail sales numbers gave investors hope that consumers and business are feeling more confident about the economy. U.S. retail sales rose 1.3 percent in November, double the increase analysts had expected and better than the 1.1 rise in October. A strong recovery in consumer spending is one of the key elements to sustained growth because it is a major component of U.S. economic activity which has repercussions around the world.
Currencies:
The U.S. dollar strengthened against all the major FX pairs today as the better than expected retail sales number gave investors reason to believe the U.S. may have to raise interest rates sometime next year. Crude oil and Gold were also down today which contributes to U.S. dollar strength.
Pair in focus: Dollar/Yen
Our inside bar posted in yesterday’s commentary came off nicely today. Depending on your profit target traders taking this trade should have made at least 100 pips or moved their stop to break even. Inside bar setups and other price action setups are discussed extensively in our member’s market commentary and the member’s trading forum.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out my forex trading course.
Daily Forex Market Commentary:
On Wall Street today the Dow closed up 68.78 as investors cheered data that showed the U.S. trade deficit had dropped in October which gives hope for stronger economic growth in the fourth quarter.
Currencies:
The U.S. dollar’s advance against the major FX pairs showed further consolidation again today. We will likely get a correction in the next couple of trading days or a resumption of the near-term dollar up trend.
Pair in focus: Dollar/Yen
A perfect bounce off the horizontal level at 87.35 on Wednesday and today’s subsequent daily inside bar make this market prime for a nice break out trade. Which way it will fire off is yet to be seen but either direction should provide traders with a risk/reward of 1:2.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our live member’s trading forum.
Daily Forex Market Commentary:
On Wall Street today the Dow closed up 51.08 points as dollar weakness fueled a late day advance in riskier assets.
Currencies:
The U.S. Dollar’s powerful advance against all the major currency pairs slowed today as Gold’s recent precipitous fall has stabilized for the time being and investors moved back into stocks and commodities. A look at the price action of the major FX pairs shows us that they are all at or very near too major support or resistance levels. Continued U.S. Dollar weakness is likely into Thursday’s FX sessions.
Pair in focus: Pound/Dollar
Below is a 4 hour chart of the British pound / U.S. Dollar. We have opposing pin bars here but the fact that a classic looking fakey setup has occurred off pretty strong support around 1.6150 leads us to believe this pair could correct up to about 1.6475 before the downward momentum resumes. I discuss my unique fakey setup extensively in my forex price action course.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our member’s market commentary.
Daily Forex Market Commentary:
Yesterday, U.S. Fed Chief Ben Bernanke declared the U.S. economy is facing “formidable headwinds” and effectively vowed to continue printing paper dollars like there’s no tomorrow.
The reaction from China came quickly, as Andy Xie, recently named by BusinessWeek as one of China’s most influential economists, pulled no punches.
Xie accused the Fed chief of “poisoning” the U.S. economy by keeping interest rates near zero and creating a tidal wave of newly printed paper dollars. He warned that the next global crisis will be driven by asset inflation. And his warning is precisely the scenario many have been forecasting.
Currencies:
The U.S. dollar gained big on all the majors today except the Japanese Yen as investors sold off stocks and fled to safe-haven instruments. A huge weekly pin bar on Gold tipped off the dollar strength for this week. We posted up this Gold trade yesterday before it broke down in our member’s trading forum.
Pair in focus: Pound/Dollar
Yesterday’s pin bar never broke to the upside. The break of the tail of the pin bar around 1.6300 indicates this market is increasingly bearish. A move down to 1.5900 is possible in the near-term. Keep on eye on any upside corrections for price action setups to get short around 1.6450.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our member’s section.
Daily Forex Market Commentary:
On Wall Street today the Dow closed little changed, up 1.21 points from Friday’s close. A speech by Fed chairmen Bernanke gave little hope to investors as early market gains fizzled in late afternoon trading.
Currencies:
The dollar gained ground over night on most of the major FX pairs but by the New York close it had given back much of its earlier FX session gains. Short-term gains against the dollar appear likely in the major FX pairs. However, all FX pairs are at important weekly inflection points and the runaway trends against the dollar might be nearing an end soon.
Pair in focus: Pound/Dollar
Note the pin bar today that formed off support at 1.6300. A move up between 1.6600 and 1.6700 is possible in the near-term. The longer term picture for cable appears to be weakening and a decisive break of 1.6300 would likely result in further downside movement.
For a more in-depth analysis of the Major FX Pairs and Price Action Analysis please check out our member’s section.
Daily Forex Market Commentary:
On Wall Street today the Dow close up 22.75 points as investors cheered data showing the economy lost far fewer jobs than expected. The Dow closed significantly off from the session highs however due to the soaring U.S. dollar.
The U.S. dollar made nice gains against all the major FX pairs on Friday due to a better than expected jobs report. The rising dollar pushed crude oil down. A strengthening employment picture means a likely improvement in U.S. retail sales which is the main driver of GDP.
Pair in focus: euro/dollar
This fakey setup came off very nicely today. A rejection of 1.5140 on Thursday set the stage for this price action setup. As pointed out in yesterday’s commentary a move down to 1.4900-1.4800 took place as a result of the follow through on this fakey setup. Our member’s receive in-depth daily analysis of the price action setups that I teach in my trading course.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our member’s section.
