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Forex Commentary:
The U.S. dollar was mixed today, losing ground to the Euro, Canadian dollar, Swiss franc, New Zealand dollar and Japanese yen, while gaining modest ground against the British pound and Australian dollar.
The Swiss franc has been significantly stronger against most of the other majors this year, closing the year at or near its highs against the U.S. dollar, Euro, British pound, and Japanese yen.
Trading Setups / Chart in Focus:
Silver
Silver has out-performed nearly every market this year, closing the year up almost 100% after closing last year around $16.00 an ounce and closing this year around $30.00 an ounce.
Notice how the most recent push to re-test and break the all-time highs was kicked off by a bullish fakey setup off value at the 21 day ema.
In the monthly chart we can see that back in February we had a solid bullish pin bar that was in-line with the uptrend already in place. The silver market over the last year is proof that using price action to enter the market can get you early entries into very lucrative moves.
Daily Chart:
Monthly Chart:
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action forex trading course.
Other Markets:
On Wall Street today U.S. stocks closed down slightly as a slew of better than expected economic data wasn’t quite enough to persuade bulls to take on new risk in a market sitting on strong gains just before the new year.
The Dow was down 15.67 points, or 0.14 percent, the S&P 500 lost 1.86 points, or 0.15 percent, and the Nasdaq lost 3.95 points, or 0.15 percent.
Upcoming important economic announcements: 12/31
All day: Euro-Zone – German Bank Holiday
2:00am EST: Britain – Nationwide HPI m/m
8:00pm EST: China – Manufacturing PMI
Forex Commentary:
The U.S. dollar weakened against a basket of currencies with the dollar index down by 0.8% today.
The Japanese yen strengthened across the board today against the other majors.
The AUDUSD tied its all-time high today at 1.0182 before closing just off the mark at 1.0178.
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD pushed higher today and hit its recent multi-decade high of 1.0182, the AUDUSD has not been at levels this high since the early 1980s.
We can see on the 4hr chart that there was a well defined pin bar setup on 12/16 that could have gotten you into this recent up-move to re-test the recent highs.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today stocks advanced in light trading as the S&P 500 headed for its best December in nearly two decades, buoyed by investor optimism about the economy in 2011.
The Dow added 10.52 points, or 0.09 percent, the S&P 500 gained 1.34 points, or 0.11 percent, and the Nasdaq added 4.05 points, or 0.15 percent.
Upcoming important economic announcements: 12/30
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – Pending Home Sales m/m
Forex Commentary:
The U.S. dollar gained on the euro and British pound today, the greenback lost to the other majors though.
Gold and silver both shot higher today off bullish fakey setups discussed in our commentary from yesterday, both precious metals are looking poised to re-test recent all-time highs.
Trading Setups / Chart in Focus:
Gold and Silver
The fakey setups that formed in gold and silver yesterday on the daily chart both came off today to the upside in very decisive fasion.
We discussed these setups in yesterday’s commentary, it looks like the uptrend is picking back up in both precious metals, we may see a re-test of resistance near the all-time highs in gold near $1430.90 an ounce, and in silver near $30.70 an ounce.
Gold:
Silver:
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action forex trading course.
Other Markets:
On Wall Street today stocks pushed higher in light trading. Cold weather in the Northeast worked to raise demand for oil prices and energy shares.
A blizzard increased demand for heating oil, pushing U.S. crude prices above $91 a barrel and lifting the S&P 500 energy sector by 0.4 percent.
The Dow gained 20.51 points, or 0.18 percent, the S&P 500 added 0.98 point, or 0.08 percent, and the Nasdaq lost 4.39 points, or 0.16 percent.
Upcoming important economic announcements: 12/29
5:30am EST: Swizterland – KOF Economic Barometer
Forex Commentary:
The euro rose against the dollar on Monday after clawing back above its 200-day moving average, though sentiment on the single currency remained bearish amid worries about Portuguese and Spanish debt.
Trading was extremely thin today in the currency market. London was closed on Monday and Tuesday for holidays and a blizzard in New York limited activity, ensuring only minor price fluctuations.
The Australian currency earlier fell as low as $0.9987 after China’s interest rate hike on Saturday, though it had climbed back to trade slightly higher on the day.
Trading Setups / Chart in Focus:
Gold and Silver
Gold and silver both put in bullish fakey setups today. These setups may trigger a resumption of the uptrend in both metals; however, trading volume will likely be light this week so keep that in mind if you decide to trade; we could just see a grind sideways before or if we move higher.
Gold:
Silver:
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today stocks clawed back from early session losses and closed the day flat as investors brushed off a surprise weekend rate hike from China’s central bank.
The Dow lost 20.73 points, or 0.18 percent, the S&P 500 added 0.74 points, or 0.06 percent, and the Nasdaq closed up 4.25 points, or 0.16 percent.
Upcoming important economic announcements: 12/28
10:00am EST: United States – CB Consumer Confidence
This article covers some important lessons and information about trading gold with price action as well as a good background on gold and what’s currently going on in that market. It will then explore the price action setups and patterns which have been forming on the daily chart and how profitable these setups have been for traders. Not all traders look at gold, but it is certainly time for you to start looking given the positive expectancy of the price action setups unfolding in the recent past, we are in a “hot winning streak” so to speak, with plenty of setups producing significant gains on the upside. Enjoy the article..and please remember to comment after reading.
Continue Reading Price Action Trend Trading with GoldThis article is going to explain exactly why trading with indicators is detrimental to your success as a forex trader, and why you should learn to trade with simple price action setups instead. So, forget about the confusing haphazard mess that indicators leave all over your charts and let this article open your eyes to the power and simplicity of trading with pure price action.
Continue Reading Why Trading With Indicators Destroys Forex Trading Success
Buying Pull Backs on GBPJPY uptrend.
View Forex Breakout – Buying Pull Backs In Up Trend VideoHappy Holiday’s to all, and a big thank you to all the member’s for their support and to all traders who follow this blog. I truly enjoy helping people learn to trade the markets with price action and I am very excited for 2011 and all the opportunities it holds. Season’s greetings – Nial Fuller.
Forex Commentary:
The U.S. dollar was weaker today against the other majors, with the exception being the Swiss franc, which it gained modest ground on.
Currency markets are likely to remain quiet until next week as most investors take time off of the markets for the holidays.
Trading Setups / Chart in Focus:
EURJPY
The EURJPY daily chart provided two solid opportunities to get short since last Friday that have since resulted in a bearish move and a test of support near 108.50. We first discussed the large bearish pin bar setup that occurred last Friday in our back-end member’s commentary before it came off to the downside on Monday. We can see this was a very profitable move in the chart below, and the signal was very obvious and confluent.
There was also an inside bar / pin bar setup that occurred on Tuesday of this week that provided a second entry into the last leg of this recent bear move.
GBPJPY 4HR
The GBPJPY 4hr chart fakey setup that we discussed yesterday, and that our member “rsd” first spotted in the member’s forum, has pushed further to the downside today, ending its fall near the daily support level of 127.50, a very solid 4hr setup with the trend.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today stocks ended a fourth consecutive week of gains, investors expect optimism about the economic recovery to support equities through the years-end.
The S&P 500 ticked lower on Thursday, the close of a holiday-shortened week, breaking five days of gains, in the lowest volume in a full-day session this year. Banks dragged on the market, giving back recent gains after a strong month.
The Dow gained 14.00 points, or 0.12 percent, the S&P 500 fell 2.07 points, or 0.16 percent, and the Nasdaq lost 5.88 points, or 0.22 percent.
Upcoming important economic announcements: 12/24
All day: Euro-zone – German Bank Holiday
All day: Euro-zone – Italian Bank Holiday
All day: United States – Bank Holiday
You might be treating the forex market like your own personal casino right now and not even know it. In fact, if you are like many people trading the forex market, you are probably more of a gambler than a trader. Traders who fail at making money consistently in the market have a gamblers mindset; they do not have the professional mindset and habits that consistently profitable traders have.
Continue Reading Are You a Forex Trader or a Gambler?Forex Commentary:
The U.S. dollar was basically unchanged today against the euro; up 1 pip, the greenback has now gained on the euro 6 out of the last 7 trading days.
Today’s EURUSD price action saw the formation of yet another bearish pin bar, as price moved higher early on in the trading session into the 8 day ema but quickly got sold lower as the trading day came to an end in New York.
The greenback also gained ground against the British pound and New Zealand dollar but lost to the other majors.
Trading Setups / Chart in Focus:
GBPJPY
The GBPJPY formed a very nice 4 hour fakey setup recently in-line with the bearish momentum on both the daily and 4hr chart. A big shout-out to “rsd”; one of our member’s in the forum who posted this setup before it came off, giving everyone in the forum a chance to catch this great price action setup.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action forex trading course.
Other Markets:
On Wall Street today stocks closed at a two-year high, with the S&P 500 Index up for the fifth consecutive trading session, as investors combed through different signals from earnings and economic data.
The Dow closed 26.33 points higher, or 0.2%, the S&P 500 closed up 4.24 points, or 0.3%, and the Nasdaq added 3.87 points, or 0.2%.
Crude-oil futures on the New York Mercantile Exchange finished at $90.48 a barrel, their first close above $90 since October 2008.
Upcoming important economic announcements: 12/23
8:30am EST: Canada – GDP m/m
8:30am EST: United States – Core Durable Goods Orders m/m
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – New Home Sales
Forex Commentary:
The U.S. dollar was stronger against the euro, British pound, and Canadian dollar today, but it lost ground to the other majors.
The EURUSD has closed lower in 5 of the last 6 trading sessions; in those 5 lower closes were 3 bearish daily pin bars showing rejection of any attempt to move higher.
Trading Setups / Chart in Focus:
EURJPY
The EURJPY formed a bearish inside bar setup / pin bar today, this came after the large pin bar setup from last Friday broke to the downside as expected.
We first discussed Friday’s bearish pin bar setup as a solid short setup in our member’s commentary last Friday, prior to the setup coming off. Our member’s who took the short are now sitting pretty as today’s bearish inside / pin bar adds further confirmation to the possibility of a re-test of support near 108.50 and provides traders the chance to move stops to break-even for a “free trade”.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today stocks moved higher as strong earnings and a range of merger activity supported the up move as well as investors’ optimism for the coming year.
Adobe Systems Inc jumped 6 percent to $30.93 after it gave an upbeat forecast, while coal miner Massey Energy Co rose on expectations the company was lining up potential buyers. Massey gained 1.2 percent to $52.45.
The Dow added 55.03 points, or 0.48 percent, the S&P 500 gained 7.52 points, or 0.60 percent, and the Nasdaq added 18.05 points, or 0.68 percent.
Upcoming important economic announcements: 12/22
4:30am EST: Britain – Current Account
4:30am EST: Britain – MPC Meeting Minutes
10:00am EST: United States – Existing Home Sales
4:45pm EST: New Zealand – GDP q/q
Forex Commentary:
The U.S. dollar was mixed today; it lost ground to the Australia dollar, Swiss franc, New Zealand dollar, and Japanese yen, while gaining on the euro, British pound, and Canadian dollar.
Silver and gold both closed higher today, recouping earlier session losses to end the day positive and form solid 4hr pin bar setups.
Trading Setups / Chart in Focus:
EURUSD
The daily bearish pin bar setup we discussed in Friday’s commentary came off modestly to the downside today. The daily downtrend and recent bearish price action makes this pair look like it has the ability to fall into support near 1.2950, any further decline would need to break this level, beyond this we see the next support near 1.2650.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action forex trading course.
Other Markets:
On Wall Street today stocks added modest gains that helped push the S&P 500 to a two-year high. Volume was light and is expected to be this way through the end of 2010. The combination of improving economic data, additional stimulus from the Federal Reserve bank, and the extension of tax cuts have been keeping equities in demand.
The Dow lost 13.78 points, or 0.12 percent, the S&P 500 gained 3.17 points, or 0.25 percent, and the Nasdaq added 6.59 points, or 0.25 percent.
Upcoming important economic announcements: 12/21
Tentative: Japan – BOJ Press Conference
4:30am EST: Britain – Public Sector Net Borrowing
7:00am EST: Canada – Core CPI m/m
8:30am EST: Canada – Core Retail Sales m/m
4:45pm EST: New Zealand – Current Account
Forex Commentary:
The U.S. dollar gained ground today against most of the other majors with a slight loss coming to the Japanese yen.
The yen was the big winner today, gaining on all the other majors after recouping early session losses.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD is looking bearish on both the weekly and daily time frames just after the New York close for this week.
The daily chart formed a bearish pin bar rejection setup today, showing rejection of the dynamic resistance near the 21 day ema and in-line with the over-all daily down trend.
The weekly chart has formed a bearish fakey with pin bar setup, note how the bullish pin bar on the weekly tried to break to the upside but couldn’t sustain higher prices, this resulted in the fakey setup and indicates a weak market.
To learn more about the fakey setup and the specific techniques I teach traders to use to enter the fakey, check out my price action forex trading course.
Other Markets:
On Wall Street today the S&P 500 closed marginally higher and clung to a two-year high, meanwhile, investors predicted a stall in the recent rally in coming days, the S&P 500 gained 5% in December so far.
The Dow lost 7.27 points, or 0.06 percent, the S&P 500 added 1.05 points, or 0.08 percent, and the Nasdaq added 5.66 points, or 0.21 percent.
Upcoming important economic announcements: 12/20
7:30pm EST: Australia – Monetary Policy Meeting Minutes
Tentative: Japan – Monetary Policy Statement
Tentative: Japan – Overnight Call Rate
Forex Commentary:
The U.S. dollar lost modest ground to the euro and some of the other majors today as trading in the currency market was relatively subdued.
The EURUSD looks like it may stay within the borders of its recent trading range between about 1.3450 – 1.3150 as the trading week comes to a close tomorrow.
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD formed a nice 4 hour fakey with pin bar setup today during the New York trading session. This 4 hour price action setup is showing rejection of the 8 and 21 day ema support zone on the daily chart. Should this setup come off to the upside price may make another run at parity near 1.0000.
Silver
Silver also showed bullish rejection of its 8 and 21 day ema support zone today, forming a bullish 4hr pin bar just before the New York close. This pin bar setup is also rejecting an area of horizontal support that can be seen in the chart below.
To learn more about the fakey setup and the specific techniques I teach traders to use to enter the fakey, check out my price action forex trading course.
Other Markets:
On Wall Street today stocks moved higher after economic bellwether FedEx offered a bullish profit outlook in what was a hopeful sign for economic growth.
The Dow gained about 42.01 points, or 0.37 percent, the S&P 500 added around 7.66 points, or 0.62 percent, and the Nasdaq added about 20.09 points, or 0.77 percent.
Upcoming important economic announcements: 12/17
Day 2: Euro-zone – EU Economic Summit
4:00am EST: Euro-zone – German Ifo Business Climate
Forex Commentary:
The U.S. dollar gained ground today against the other majors, except for the Canadian dollar, after Moody’s warned Spain that its debt rating could be downgraded, bringing concerns about the euro-zone debt crisis back to the forefront and causing the greenback to rise.
The Japanese yen was the other big winner from today’s global economic uncertainty, gaining on all the other majors except the U.S. dollar and Canadian dollar.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD formed a bearish pin bar yesterday showing rejection just above its 21 day ema and of the horizontal resistance area near 1.3500. Support now sits near 1.3175 – 1.3150, price will need to break through this level to make any new significant down side gains. We discussed this setup as a possible shorting opportunity in our member’s forum before it came off yesterday.
USDJPY
The USDJPY formed two bullish pin bars on the 4 hour chart recently; the second one has worked out very nicely while the first one would not have worked. This just goes to show that not every setup will work out in your favor, but if you trade only quality price action setups and have a thorough understanding of risk / reward, you can still make good money in the forex market.
To learn more about the fakey setup and the specific techniques I teach traders to use to enter the fakey, check out my price action forex trading course.
Other Markets:
On Wall Street today stocks lost ground after a third consecutive late day sell-off, making it seem less likely we will see any more significant gains for 2010 in the stock market.
The Dow lost 19.07 points, or 0.17 percent, the S&P 500 lost 6.36 points, or 0.51 points, and the Nasdaq lost 10.50 points, or 0.40 percent.
Upcoming important economic announcements: 12/16
3:20am EST: Britain – MPC Member Posen Speaks
3:30am EST: Switzerland – Libor Rate
3:30am EST: SNB Monetary Policy Assessment
3:30am EST: SNB Press Conference
Day1: Euro-zone – EU Economic Summit
4:30am EST: Britain – Retail Sales m/m
8:30am EST: United States – Building Permits
8:30am EST: United States – Unemployment Claims
10:00am EST: United States – Philly Fed Manufacturing Index
Forex Commentary:
The U.S. dollar was largely unchanged today, the dollar index closed up today only about 0.15% after a late day sell-off in stocks and commodities worked to pick the green back up from its earlier session losses.
The Federal Reserve left its key interest rate and the size of its bond-purchase program unchanged today, this was widely expected.
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD appears to be gaining steam to the upside, we can see the 8 and 21 daily emas have recently crossed higher, and today the pair broke through and closed above resistance near 0.9950 and briefly pushed above 1.0000. The pair closed around 0.9989, 11 pips shy of parity.
If price continues to push higher we will likely see a re-test of the all-time highs near 1.0180 in the near future. A pull-back to the 8 day ema support near 0.9900 could be a decent buying opportunity pending some solid 4hr or 1hr price action setups.
To learn more about the fakey setup and the specific techniques I teach traders to use to enter the fakey, check out my price action forex trading course.
Other Markets:
On Wall Street today the Dow gained ground but the S&P 500 and Nasdaq lost early session gains and closed the day mostly unchanged in a late-day sell off after yet another cautious statement from the Federal Reserve on the economy, this worked to offset strong November retail sales which supported the market most of the day.
The Dow added 48.74 points, or 0.43 percent, the S&P 500 added 1.12 points, or 0.09 percent, and the Nasdaq added 2.81 points, or 0.11 percent.
Upcoming important economic announcements: 12/15
4:30am EST: Britain – Claimant Count Change
8:30am EST: United States – Core CPI m/m
9:00am EST: United States – TIC Long-Term Purchases
9:00pm EST: New Zealand – NBNZ Business Confidence
Forex Commentary:
The U.S. dollar extended losses today, giving up early session gains against the euro, Japanese yen and British pound as a result of U.S. stock and commodities gaining ground on strong Chinese economic data and Beijing’s unexpected decisions to stand firm on interest rates.
The dollar index, which is a measure of the greenback’s performance against a basket of six other major currencies, moved lower to 79.28 from 80.067 in late trading on Friday.
Trading Setups / Chart in Focus:
Gold
Gold moved higher today, breaking past the high of Friday’s pin bar / false break setup. It looks the gold bull could be getting ready to rise up again and push prices higher to re-test the recent all-time highs near 1430.90.
The setup from Friday occurred at a confluent level near the dynamic support of the 8 and 21 day emas along with a horizontal support level near 1380.
To learn more about the fakey setup and the specific techniques I teach traders to use to enter the fakey, check out my price action forex trading course.
Other Markets:
On Wall Street today the Nasdaq closed down and put an end to eight consecutive days of gains, the Dow and S&P 500 ended today’s session flat as optimism faded over China’s move to slow its growth.
The Dow added 18.24 points, or 0.16 percent, the S&P 500 added 0.06 of a point, or 0.00 percent, and the Nasdaq lost 12.63 points, or 0.48 percent.
Upcoming important economic announcements: 12/14
4:30am EST: Britain – CPI y/y
5:00am EST: Euro-zone – German ZEW Economic Sentiment
8:00am EST: United States – Core Retail Sales m/m
8:30am EST: United States – PPI m/m
8:30am EST: United States – Retail Sales m/m
2:15pm EST: United States – FOMC Statement
2:15pm EST: United States – Federal Funds Rate
6:50pm EST: Japan – Tankan Manufacturing Index
Forex Commentary:
The U.S. dollar traded relatively unchanged against the other majors today, the greenback gained slight ground on the euro, New Zealand dollar and the Japanese yen, but it lost modestly to the other majors.
Silver and gold both paused near their 21 day dynamic value areas today, forming fakey setups in the process. These could be good entries to hop back on to the uptrend in these precious metals.
Trading Setups / Chart in Focus:
Gold
Gold formed a bullish “minor” fakey setup today as the trading week came to a close. This setup occurred at the 21 day ema dynamic support area and is a price action setup indicating the uptrend could resume next week. We would need to see a break of the mother candle high to trigger an entry.
Note: there is a similar setup on the daily chart of Silver.
To learn more about the fakey setup and the specific techniques I teach traders to use to enter the fakey, check out my price action forex trading course.
Other Markets:
On Wall Street today stocks pushed higher, the S&P hit its highest level since the week Lehman Brothers collapsed in 2008, suggesting the year-end rally has legs to run higher.
The Dow gained 40.26 points, or 0.35 percent, the S&P 500 added 7.40 points, or 0.60 percent, and the Nasdaq rose 20.87 points, or 0.80 percent.
Upcoming important economic announcements: 12/12
4:45pm EST: Australia – RBA Gov Stevens Speaks
12/13
4:30am EST: Britain – PPI Input m/m
4:45pm EST: New Zealand – Retail Sales m/m
The majority of people that get interested in forex trading do so because they are unhappy with their job or with the current amount of money they are making, or both. They think they will be able to quit their job and become a full-time forex trader in a relatively short period of time, and it is this thinking that actually sets the stage for losing money in the forex market and for making their journey to become a consistently profitable trader extended and difficult.
Continue Reading Trading Forex Part Time Will Help Make You a Better Trader
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