Learn to trade Forex & CFD's with Nial Fuller . . .
PRICE ACTION TRADING FORUM
Daily Forex Market Commentary:
On Wall Street today the Dow closed down 53 points and January closed out a very disappointing month for investors as fear arose over whether or not the economy can sustain its 4th quarter growth rate.
The Dow closed down 3.5% for January and it was the worst month for the stock market since February of 2009.
Currencies:
The U.S. dollar gained across the board today as traders continue to shed riskier assets in favor of the safer greenback. The dollar even gained on the Japanese Yen today indicating it is quickly becoming equal to the Yen as the favorite safe-haven currency.
Pair in focus: GBP/USD
The fakey setup on GPB/USD mentioned in yesterday’s commentary came off nicely today. We are targeting the 1.5910 support area on this trade. Notice the pin bar that kicked off this most recent down move. Pin bars and fakeys are two great price action setups that I go over extensively in my trading course. We monitor all relevant price action signals in the major currency pairs every day in our member’s daily market commentary.
For a more in-depth analysis of the Major FX Pairs and Price Action Education please check out my Forex Educational Course.
Daily Forex Market Commentary:
On Wall Street today the Dow dropped 115.70 points as new economic reports are casting a negative view on the U.S. economic recovery. Specifically, U.S. unemployment claims increased more than expected last week and there was a disappointing report for core durable goods orders.
Elsewhere, world stock markets dropped after reports out of U.K casts doubts over the strength of the banking system there, and fiscal worries caused the euro to continue its multi-week slump against the U.S. dollar and other currencies.
Currencies:
The U.S. dollar closed higher against all major currencies except the Japanese Yen which it only lost about 8 pips too.
We saw some volatile moves in most of the U.S. dollar currency pairs as moves against the greenback were quickly met with intense selling pressure indicating the safe-haven currency is seeing a resurgence of strength in light of current global economic uncertainty.
Pair in focus: GBP/USD
Today’s chart features a look at a GBP/USD fakey setup that occurred today. We would target 1.5910 support on this setup and will follow it over the next few days to see how it plays out. There have been many profitable fakey signals as of late. For more information on the fakey setup and other great price action setups please check out my member’s section.
For a more in-depth analysis of the Major FX Pairs and Price Action Education please check out my Forex Educational Course.
Daily Forex Market Commentary:
On Wall Street today the Dow added 42 points after the Federal Reserve assured investors that interest rates will stay low to facilitate economic recovery and that the economy over all is improving.
Stocks recovered from a negative start after the upbeat assessment from the Fed. Today’s Fed statement injected some positivity into the stock market after major stock indices closing lower for 5 of the last 8 trading days.
Currencies:
The U.S. dollar closed higher against all the major currencies except the British Pound. The pound posted a marginal gain on the green back as a result of continued EUR/GBP weakness.
Gold closed lower and Crude Oil dropped after a U.S. government report showed that demand for crude products dropped from the previously already weak levels a year ago when the recession was near it’s peak.
Crude oil to fell to $74.71 per barrel while gold advanced slightly.
Pair in focus: EUR/USD
Today’s pair in focus features a look back at the EUR/USD daily chart to see just how powerful the fakey setup can be. We can see a fakey setup occurred back in early December of 2009 that resulted in a top formation that has since moved down over 1,000 pips.
The second big fakey formation that occurred on this chart was between January 11th and January 15th. The pair has since moved down 400-500 pips from the break down of this setup. We can see that fakey setups often occur at major market swing points and can result in big time gains for the astute price action trader.
For a more in-depth analysis of the Major FX Pairs and Price Action Instruction please check out my Forex Educational Course.
Daily Forex Market Commentary:
On Wall Street today the Dow closed down 2.57 points after being up 90 points earlier in the session. Investors grew fearful again over President Obama’s plan to regulate banks and dumped stocks shortly before the closing bell. The fact that investors dumped stocks in the final hour of trading is indicative of a troubled market; this was often the pattern during the financial crisis of 2008.
There also concerns that China is moving ahead with a plan to curb bank lending which could slowdown their economy and destabilize the worldwide economic recovery.
Currencies:
The U.S. dollar rose against other major currencies except the Japanese Yen. We remain bullish on the U.S. dollar as current economic events in the U.S. and China appear to be favoring risk-aversion.
Crude oil to fell to $74.71 per barrel while gold advanced slightly.
Pair in focus: GBP/JPY
We can see in today’s chart of GBP/JPY that price rallied up to a horizontal event area at 147.00 and subsequently sold off. I discuss how to trade off horizontal event areas or support and resistance areas with price action in my trading course. What we are looking for is confluence of signals, such as price action setups forming at significant horizontal areas or at Fibonacci retracement levels.
For a more in-depth analysis of the Major FX Pairs and Price Action Instruction please check out my Forex Educational Course.
Daily Forex Market Commentary:
Stocks turned higher today as the prospects for Ben Bernanke being reinstated as Fed Chairmen for a second term improved. Investors want Bernanke to return because he has maintained a low-interest rate policy which is viewed as positive for stocks due to its effects on lending and economic expansion.
Apple Inc. also helped push stock indices higher today as the iPhone manufacture posted its highest quarterly profits ever for the most recent holiday quarter.
Currencies:
The U.S. dollar traded mostly lower today, losing modest ground to all the major currencies except the Japanese Yen which it gained about 42 pips on due to wide-spread Yen weakness today.
Despite the correction today we expect U.S. dollar strength to pick up again at some point this week as the risk-aversion from last week seemed to be rather significant as evidenced by the charts.
Pair in focus: USD/JPY
We can see in today’s chart of USD/JPY an inside bar has formed indicating some hesitation in the current down-ward momentum. We will watch this pair for a pop back up into our inflection level between 90.70-91.50 for a possible price action setup to get short from. We always try to trade price action from confluent levels in the direction of the dominant market momentum in order to maximize our returns.
For a more in-depth analysis of the Major FX Pairs and Price Action Instruction please check out my Forex Educational Course.
Daily Forex Market Commentary:
On Wall Street Friday the Dow dropped 216.90 points as investors dumped stocks again on the back of continued fear over President Obama’s proposal for new bank regulations as well as concern that China may move to slow it’s economy due to increasing inflation.
Currencies:
The U.S. dollar traded mixed on Friday; we saw the greenback lose modestly to the Euro, Swiss Franc, and Japanese Yen, while giving up a few pips so the Aussie Dollar and New Zealand Dollar.
The dollar gained decently on the British Pound again on Friday: closing up about 82 pips against the Sterling. We also saw the U.S. dollar beat out the Canadian dollar for the fourth day in a row.
Commodities were down last week, with Crude Oil closing down 4.7% on the back of demand worries and wide spread U.S. dollar strength due to renewed risk aversion.
Pair in focus: GBP/JPY
We can see in our daily chart of GPB/JPY that a nicely formed pin bar reversal pattern occurred on 1-14-10; rejecting 150.00 psychological resistance. This set the stage for last week’s trend line break down and subsequent significant fall into the end of the week. The 50% pin bar entry technique that I teach in my forex trading course would have gotten you a great entry into this amazing trade. Check out my trading videos for more great examples of pin bar setups.
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:
On Wall Street today the Dow closed down 213.27 points or 2.01% as investors dumped stocks on the back of comments from President Obama proposing tough new restrictions on major banks.
Obama said that banks should no longer be allowed invest in or sponsor hedge funds for proprietary profit. Many banks participate in proprietary trading, or the usage of their own money to make bets on markets as a source of earnings.
The last two trading days have seen the Dow post it’s worst two-day percentage loss since June of 2009.
Currencies:
The U.S. dollar hit a 5-month high versus the euro today as Gold and other metals fell due to a wide-spread sell off in equities and commodities on renewed fears that China may be taking steps to slow the countries growth on the back of inflation fears.
In the U.S. comments by President Obama regarding new banking regulations caused investors to sell commodities and commodity currencies across the board.
The safe-haven U.S. dollar and Japanese Yen rose substantially against the major currencies, the U.S. dollar only gave up ground to the Yen.
Pair in focus: GBP/USD
Today’s chart is of daily GBP/USD. We can see Tuesday gave us a very nicely formed pin bar off a previous support level that has since become resistance. Confluence of signals is when we get a price action setup, such as a pin bar, combined with a significant support/resistance level, moving average, or Fibonacci swing level. All of these tools add validity and confirmation to our price action setups.
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:
On Wall Street today the Dow closed down 122.28 points as traders flocked to safe-haven assets on the back of news out of China stating that authorities there have ordered various major banks to curb lending. This is negative news for the global economic recovery
Currencies:
The U.S. dollar gained across the board today as investors flocked to the safe-haven greenback and dumped riskier assets. Gold closed down substantially as commodities took a hit across the board.
Pair in focus: EUR/USD
The last two major fakey setups have been virtual gold mines for traders who knew what to look for. The fakey setup on the daily time frame is a very valuable price action setup.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my forex trading course.
Over the Recent Weekend, I sorted through my Free Videos From 2008 and 2009, and Posted a Selection of Previous Price Action Trade Setups and a Few Forex Strategies Tutorials which I find essential Viewing for all traders.
View Live Price Action Forex Trade Setups - Past Videos From 2008/2009 VideoDaily Forex Market Commentary:
Stock markets rose today as investors pushed up Health stocks, the Dow closed up over 115 points as hopes over the economic recovery improved.
This week’s upcoming earnings reports will help lay the course for stock market direction this year.
Currencies:
The U.S. dollar was mixed today, the Euro took a hit against most of the majors as the continuing issues in Greece work to pull the Euro-Zone currency down. The U.S. dollar gained big on the euro and Swiss Franc, lost a bit of ground to the British pound, but closed up against the other major FX currencies.
Crude oil gained on the back of a rising U.S. stock market.
Pair in focus: EUR/USD
We can see the fakey setup from our commentary on 1-17-10 came off quite nicely over the last few trading sessions. Fakey setups and other price action setups are discussed at length in the member’s forum and in my trading course. We also discuss specific entry techniques to “fine tune” your trading.
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:
U.S. Markets were closed today due to the Martin Luther King Jr. national holiday. Foreign markets were open however. European markets rose on the back of speculation that corporate mergers will increase which is generally a sign of improving economic conditions.
Currencies:
The U.S. dollar lost a tiny bit of ground to the euro and Swiss Franc today as there was very light volume in the FX market.
Commodity currencies like the Aussie Dollar and New Zeeland Dollar gained modestly on the green back.
The British Pound continued its upward ascent as EUR/GBP weakness continues to drive the Sterling higher.
The Japanese Yen strengthened modestly against the U.S. dollar. Most of the Yen pair charts are hinting towards further Yen strength.
Pair in focus: USD/JPY
Today formed a nice inside-bar setup that looks to break to the downside. Should it come off to the downside 89.00 support is the logical target level. The inside bar setup provides a nice risk/reward ratio.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out our members trading forum.
The pin bar is a staple of the way I trade the forex market. It has a very high accuracy rate in trending markets and especially when occurring at a confluent level. Pin bars occurring at important support and resistance levels are generally very accurate setups. Pin bars can be taken counter trend as well, as long as they are very well defined and protrude significantly from the surrounding price bars; indicating a strong rejection has occurred
Continue Reading My Price Action Setups: Pin Bars, Fakey’s, Inside BarsForex Trading Failure – Why Most Traders Fail - Most aspiring forex traders unfortunately do not ever achieve the success they desire when starting out. There are a number of psychological errors at work here that contribute to failure in the forex market. This article will focus on one of the primary psychological errors that hold traders back from achieving their desired results; over-complicating their forex analysis and strategy. It is extremely easy for forex traders to fall into the trap of thinking that their method needs to be technically difficult to understand or that they need to do extensive analysis in order to consistently profit.
Continue Reading Forex Trading Failure – Why Most Traders FailDaily Forex Market Commentary:
On Wall Street Friday the Dow closed down 100.90 points or .94% as JP Morgan Chase & company reported significant fourth quarter loan losses which raised concern over bank profits. Consumer unease over income and unemployment grew after a poor retail sales report earlier in the week and a weaker than expected University of Michigan consumer sentiment report on Friday.
Corporate earning reports due out from several large companies this week will help determine stock market direction.
Currencies:
The U.S. dollar and Japanese Yen took center stage on Friday as risk aversion returned to the currency markets. Traders bought the safe-haven Yen and U.S. dollar across the board as unease over the economic recovery mounted.
The greenback gained on all major currencies except the Japanese Yen which is generally viewed as the lowest-risk currency to invest in.
Pair in focus: EUR/USD
The Fakey setup from last week came off nicely on Friday. We are targeting 1.4250 area as this is the closest near-term support. Specific entry techniques for the Fakey setup as well as other price action trading techniques can be found in our member’s section.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my price action trading course.
You have to Watch this Video.. all they way to the end - Who Knew Will Smith Was So Cool ? .“I want to do good. I want the world to be better because I was here. ”That’s my favorite quote from this compilation. I hope you enjoy this video as much as I have.
View Random Video - Will Smith Wisdom “Getting What You Want” VideoDaily Forex Market Commentary:
On Wall Street today the Dow closed up 29.78 points despite a disappointing December retail sales number and a higher than expected Unemployment claims number. Retail sales fell 6.2% for the year ending 2009; the biggest yearly decline on government record dating back to 1992.
The increase in stocks was a result of expectations for improvements in upcoming earnings reports after a disappointing start to the corporate earnings season as aluminum producer Alcoa Inc. came in with worse than expected earnings on Monday.
Currencies:
The U.S. dollar closed slightly higher against the euro, and Swiss franc while losing ground to the British pound, Australian dollar, New Zeeland Dollar and Japanese Yen. The greenback finished substantially lower against the Canadian dollar.
Disappointing U.S. retail sales numbers from December 2009 and an increase in unemployment claims released today contributed to dollar weakness.
Pair in focus: EUR/USD
We are continuing to monitor yesterday’s Fakey Setup in euro/dollar. A breach of the mother bar low would give us an entry signal. Traders’ could target the 1.4250 support while a break of this level would likely lead to further gains into 1.4100.
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:
On Wall Street today the Dow traded above 10,700 for the first time in 15 months. Stocks closed up across the board as the questioning of bank officials by congress about the financial crisis went off without confrontation. Health care and utility stocks posted some of the biggest gains.
Currencies:
The U.S. dollar fell against most of the major currencies today with the exception being the Japanese Yen. The Japanese Yen faltered today as equities gained and investors took on a slightly larger appetite for risk than on Monday and Tuesday of this week.
Crude oil fell $1.14 a barrel to end at $79.65/barrel on the NYMEX. Gold gained today.
Pair in focus: EUR/USD
Euro/dollar formed a fakey setup today. A break of the mother bar could result in a move down to range support near 1.4250. For further setups and specifics on the fakey setup please check out our member’s section.
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:
On Wall Street today stocks ended down across the board as concerns about a potential levy on banks caused investors to dump financial stocks. Sentiment also remained negative due to Aloca Inc’s disappointing earnings results released yesterday, undermining economic recovery hopes.
Currencies:
The U.S. dollar was up mostly today except for against the Japanese Yen and British Pound. Euro/Sterling weakness kept the pound afloat gains the green back and the Yen gained on all the major FX pairs including the U.S. dollar.
Pair in focus: USD/JPY
In the chart below we can see a very strong horizontal level running through 90.70. An upward move is likely from here back into the 93.00 resistance zone. Price action setups traded from horizontal levels are discussed in depth in my price action analysis trading course.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out our online member’s forum.
Daily Forex Market Commentary:
Today on Wall Street the Dow and S&P 500 rose to 15-month highs as investors continued to celebrate the increasingly positive economic picture in China. China recently reported record imports of certain commodities as well as better than expected exports, this boosted shares in U.S. based companies with large international operations.
Currencies:
The U.S. dollar lost more ground on Monday following last Friday’s disappointing non-farm payrolls report.
The euro finally broke out of its trading range that has held for the last two weeks, closing above previous resistance at 1.4512. The British pound edged higher to close 87 points higher against the dollar from Friday’s close; the pound did close quite a bit off its high after another intra-day rejection near 1.6200.
Pair in focus: GBP/JPY
Today’s 2nd consecutive pin bar formation indicates near-term weakness is highly probable. Support comes in around 147.00. See our member’s commentary for more FX trade setups.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my forex trading course.
Daily Forex Market Commentary:
Friday on Wall Street the Dow closed up narrowly even after the most recent non-farm payroll report showed the economy lost around 85,000 jobs in December, higher than analysts anticipated. However, an upward revision to November’s payroll report showed a net gain of 4,000 jobs for that month, the first gain in 2 years, giving investors a reason to resume riskier assets.
Currencies:
The U.S. dollar lost ground to all the major currencies on Friday. Range bound conditions will likely continue this week until we get a catalyst to determine U.S. dollar direction.
Pair in focus: AUD/USD
Last Thursday’s daily pin bar in Aussie/dollar near strong resistance could still prove relevant into the first half of the upcoming trading week. A downside move from this rejection bar would likely test .9000 support area. While a violation of the pin’s upper tail (being a move above 9260’s) would likely result in a re-test of .9405. Further setups for this week can be found in the member’s forex trading forum.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my forex trading course.
