Learn to trade Forex & CFD's with Nial Fuller . . .
PRICE ACTION TRADING FORUM
Daily Forex Market Commentary:
On Wall Street today stocks closed slightly higher with the Dow up just over 4 points, the S&P up nearly 2 points and the Nasdaq adding 4 points. Overall trading was rather quiet due to another large winter snow storm that hit the Northeastern part of the U.S.
Next week the market receives the all important U.S. Non-Farm Employment Change and Unemployment Rate amongst a truck load of other economic reports. We will keep traders updated as to which reports are the most significant to watch and the times they are released as usual at the end of our daily commentary.
Currencies:
The currency markets relatively quiet today following the lead of equity markets. The U.S. dollar was mostly lower against the majors as commodities rose along with stocks. The exception was the British pound which lost just over 10 pips to the green back.
The upcoming trade week is going to be loaded down with important economic news releases which will likely result in volatile currency trading conditions. This is a bonus for all of us price action traders. Well defined price action setups are more likely to result in big moves under volatile trading conditions.
Currency pair in focus: USD/CHF
Today’s currency pair in focus is the daily chart of the USDCHF. The chart is showing a fakey setup which formed on Thursday and came off to the downside into Friday’s New York close.
The chart shows a previous attempt to break resistance near 1.0850 which was also met with a false break, but not a fakey. The second attempt to break 1.0850 occurred on Thursday of this week and resulted in a fakey setup.
While we don’t generally advise new traders to take counter-trend price action setups such as the one featured in today’s chart, they do often work out if they form near areas of strong support or resistance such as the one we are looking at today.
For a more in-depth analysis of the day’s price action setups as well as forex market commentary, please check out my forex price action trading course.
Daily Forex Market Commentary:
On Wall Street today stocks closed lower with the Dow closing down 0.5 percent, the S&P down 0.2 percent and the Nasdaq down 0.1 percent. Further problems with the debt situation in Greece and rising unemployment in the U.S. were the main causes for the negative movement in equities.
The number of new unemployment claims in the U.S. rose by 22,000 over last week after analysts were expecting a decrease. Also, a disappointing U.S. Core Durable Goods Orders report added to worries about the strength of the economic recovery.
Dept problems in some European countries took the stage again today as rating agencies said they might downgrade Greece’s sovereign debt rating. A downgrade could increase Greece’s borrowing costs as well exacerbate its debt problems.
Currencies:
The currency markets were quite volatile today. The British pound was the big mover, the markets saw the GBPUSD pair close 144 pips lower as the fakey setup highlighted in our last 2 commentaries came off quite nicely. The euro seemed to gain strength today with the EURGBP shooting up and the EURUSD closing up about 9 pips.
The Japanese yen strengthened against all the major currencies as risk aversion dominated today’s world markets. The U.S. dollar was the other big winner today, rising against most of the majors except for a small loss to the euro and Swiss franc and a loss to the Japanese Yen as well.
Currency pair in focus: GBP/USD
The fakey setup that we have been following this week in GBPUSD has worked out quite nicely for our member’s and made most of them some very decent profits. The entry parameters for this price action setup were posted in our member’s forum before the trade unfolded. We analyze the major pairs each day for price action setups including my proprietary fakey setup.
The fakey setup is not taught anywhere else on the internet. The way that I instruct my member’s to trade it is a completely proprietary method and centers around the fundamental fact that the forex market is designed to be contrarian and thus causes many novice traders much pain and suffering.
My price action trading course will teach you how to harness the power of contrarian trading centered around my time tested and highly profitable price action setups that exploit the volatility and contrarian nature of the forex currency market. The power of my forex educational course combined with daily price action analysis is the best way to learn to successfully trade the forex market with minimal stress and confusion.
For a more in-depth analysis of the day’s price action setups and forex market commentary, check out my price action forex trading course.
Just wanted to point out some nice trades that had formed recently on EURUSD and GBPUSD.
Below are some charts with classic examples of my price action trading setups I use on the 4 hour and daily charts. You will notice the clean simple chart, with no indicators (Pure Price Action).
Daily Forex Market Commentary:
On Wall Street today the Dow closed up 91.75 points as investors had reason for optimism when U.S. Federal Reserve Bank Chairmen Ben Bernanke testified before congress that the Fed will keep U.S. interest rates at exceptionally low rates for an extended period. This buoyed hopes that continued low interest rates will help spur the economy and ultimately the global economic recovery.
European stocks also made some modest gains on Bernanke’s testimony, the FTEUR Index of top shares closed up 0.2 percent after see sawing in and out of positive territory several times throughout the trading session. Germany’s DAX and France’s CAC both also closed up 0.2 percent.
Currencies:
The currency markets were somewhat subdued today with the euro gaining about 30 pips on the U.S. dollar, the pound lost around 20 pips to the green back. The Australian and New Zealand dollar both eked out small gains against the green back in what look to be corrective moves after yesterday’s big U.S. dollar bullish move.
The Japanese yen gained modestly on the greenback, up only about 5 pips on the U.S. dollar 30 minutes before 5pm Eastern time.
Crude oil closed up over 1$ a barrel, past the 80$ a barrel mark which
helped to calm the U.S. dollar rally today. Gold closed modestly lower.
Currency pair in focus: GBP/USD
Our entry parameters posted in the member’s forum for selling yesterday’s fakey setup worked out almost perfectly today.
We are now short this market via our price action entry parameters posted in the member’s commentary yesterday. We are expecting price to move lower over the near term as there is not much support until the 1.5000 region.
Price action setups in trending markets such as this most recent GBPUSD fakey setup are a very high probability way to trade the forex market.
For a more in-depth analysis of the day’s price action setups and forex market commentary, check out my price action trading course.
Daily Forex Market Commentary:
On Wall Street today the DOW closed down just over 100 points as investors responded to a much worse than expected Conference Board consumer confidence index reading. The index fell to 46, down from 56.5 last month; analysts were expecting a drop to only 55.
U.S. consumers are vital to a long term economic recovery; today’s consumer confidence reading highlights the fact that the global recovery has a long way to go before significant progress is made. It is likely to be a choppy ride until we see substantial U.S. job growth and consumer spending.
Currencies:
The currency markets were quite volatile today. Most of the major FX pairs rose against the greenback during the Asian trading session but then reversed sharply into the European open and through the New York closing. Dollar strength roared back in with vengeance as U.S. stocks got hit hard by a disappointing reading of consumer confidence.
Some pretty nice 4 hour and daily price action setups have formed over the last 12-24 hours. We are looking for the U.S. dollar to remain strong the rest of this week and will be looking to get in on the dollar bull train that has been plowing forward as of late.
Currency pair in focus: GBP/USD
The confluence zone discussed in yesterday’s GBPUSD chart proved to be a very strong inflection point today. We can see price penetrated the bottom end of our resistance zone, hitting a high of 1.5574 before selling off sharply and forming a fakey setup.
This fakey setup has formed with the daily trend and we are looking for prices to move lower from here. There are a number of possible entry methods that traders can employ for this fakey. We discuss them in-depth in the member’s market commentary and also in my price action trading course.
For a more in-depth analysis of the day’s price action setups and forex market commentary, check out my forex educational price action course.
Daily Forex Market Commentary:
On Wall Street today stocks were mostly flat, the Dow closed down 18.97 points. The stock market will likely be subdued until Fed Chairmen Bernanke testifies before congress on Wednesday.
Investors are waiting to make any significant decisions until the Fed Chairmen clears up the reasoning behind last week’s surprise discount rate hike of .25%.
Currencies:
The currency markets were pretty tame today. Most of the major FX pairs had very quiet trading sessions, the EURUSD and GBPUSD both had trading ranges under 90 pips today.
U.S. Fed Chairmen Ben Bernanke’s testimony before congress on Wednesday of this week will likely be the next big catalyst for movement in the major forex currency pairs, until that time we are likely to see more sideways consolidation.
Currency pair in focus: GBP/USD
Today we are looking at the daily chart of GBPUSD. An inside bar formed today and there are two possible scenarios we are going to look at for trading off of this inside bar setup.
First, since the overall trend is down this inside bar could break to the downside, resuming the overall down trend. Price action setups taken with the dominant trend usually work the best, inside bar setups are especially great as trend continuation signals.
Alternatively, this inside bar may pop higher and push into the confluence zone as marked on our chart. This confluence zone is a strong area of resistance that was previously support, it also coincides roughly with the Fibonacci 50%-61.8% retracement level, as such, it would be a great area to watch for bearish price action setups to form at.
For a more in-depth analysis of the major forex currency pairs as well as price action education check out my price action trading course.
Daily Forex Market Commentary:
On Wall Street Friday the Dow squeezed out a small gain, closing up 9.45 points from Thursday.
Renewed optimism about economic growth in major markets as well as a reduced sense of nervousness about debt problems in Europe will likely be contributing factors to any stock advances for the upcoming trading week.
U.S. Fed chairmen Ben Bernanke’s speech on interest rates before congress on Wednesday will be a noteworthy economic event as will any news out of Europe regarding the economic problems in Greece.
Currencies:
The euro rallied on Friday and formed a reversal / pin bar closing out at previous resistance near 1.3590. The GBPUSD did close lower on Friday but managed to close 98 pips off its low after a late day rally during the New York trading session.
The U.S. dollar appears to be on course to weaken over the first part of this trading weak. However, given the recent dollar strength we have seen in the currency markets we are taking a neutral view until we see strong signs of trend resumption.
Currency pair in focus: EUR/USD
Today’s feature currency chart is the daily EURUSD. We are looking at a pin bar setup that developed on Friday afternoon. This pin bar setup is counter trend, so it is not as valid as a pin bar setup taken with the dominant down trend of this market.
We generally advise taking price action setups in the direction of the dominant trend. We are going to follow Friday’s counter trend pin bar to see how it plays out but are not recommending it as a setup. The logical resistance area to watch comes in around 1.3780.
For a more in-depth analysis of the major forex currency pairs as well as price action setups see my forex trading educational course.
Introduction to Pin Bars and How to Effectively Take Advantage of Them. The pin bar formation is actually a price reversal pattern consisting of three bars. The term “Pin Bar” is an abbreviation for the term “Pinocchio Bar” that to my knowledge was first coined in the book “Pring on Price Patterns”, written by Martin Pring. Once familiarized with pin bar formation it is apparent from looking at any price chart just how profitable this pattern can be. Let’s go over exactly what a pin bar formation is and how you can take advantage of the pin bar setup in the context of the forex market. pin bar, pin bar method, pin bar reversal, pin bar forex, pin bar system, pin bar strategy, forex trading.
Continue Reading Pin Bar Method Forex - Introduction, DefinitionDaily Forex Market Commentary:
On Wall Street today the Dow gained 84 points on the back of a regional increase in manufacturing which worked to offset concerns about lower sales from Wal-Mart.
However, stock futures turned lower after the bell today as the Federal Reserve announced a surprise hike in the interest rate it charges banks for emergency loans.
Higher interest rates generally strengthen the U.S. dollar while weakening the stock market due to decreasing demand for commodities.
Currencies:
The EURUSD moved lower today and broke through support at 1.3580 today as a late day announcement of a surprise discount rate hike by the U.S. Federal Reserve Bank caused an intense strengthening of the U.S. dollar.
The dollar strengthened across the board on the back of this news.
We see dollar strength remaining into the end of the trading week and likely into next week.
Currency pair in focus: USD/CAD
Today’s feature currency pair analysis is on the USDCAD. Yesterday we reported on an inside bar setup that had formed just above support at 1.0400. Today we saw briefly break 1.0400 but then quickly got bought back higher by the bulls resulting in a false break of a significant support level. This is an example of inside bar price action setup that turned into a fakey setup.
We will continue following this setup into our target of 1.0640. The fakey setup and inside bar setup are explained in depth in my price action trading course.
For a more in-depth analysis of the major forex currency pairs as well as price action setups see my forex trading course.
Daily Forex Market Commentary:
On Wall Street today positive corporate and economic reports provided another catalyst to push stocks higher.
The continued stream of uplifting economic reports is adding hope that an economic recovery is taking hold, even though unemployment and concerns over sovereign debt in nations like Greece are still widespread.
Industrial production rose 0.9% percent over last month, 0.2% better than analysts expected.
Currencies:
The Euro erased practically all of its gains from yesterday as technical chart levels in the forex market dominated trading today.
The U.S. dollar was higher across the board today and Gold prices fell, Crude Oil was up about .32 cents a barrel.
We see dollar strength regaining its foot hold in the near term. The Japanese Yen looks poised to strengthen over the coming trading sessions as well, except for possibly against the U.S. dollar.
Currency pair in focus: USD/CAD
Today’s feature currency pair is the USDCAD. We are watching the inside bar price action setup that formed today. It has formed just above a very strong support level and we are watching for it to bounce up into the next resistance zone.
Price action setups like the inside bar are best played from confluent levels of support and resistance. My price action trading course goes into extensive detail about how to trade the inside bar and other price action setups.
For a more in-depth analysis of the major forex currency pairs as well as price action setups see my forex educational course.
Daily Forex Market Commentary:
On Wall Street today markets moved higher with the Dow gaining 169.67 points as global stocks rebounded as investors bought back into riskier assets on improved economic data out of Britain and the U.S.
Barclay’s Bank out of Britain reported a near doubling of profits last year and strong U.S. factory data helped fuel today’s rally in stocks.
Currencies:
The Euro posted its biggest single day gain against the U.S. dollar since June of 2009 as traders bet that the euro-zone currency had fallen too far on recent concerns over Greece’s debt problems.
Else where, all the other major currencies gained big on the green back today except the Japanese Yen.
Commodity prices were up as well as dollar weakness was the theme for the day.
Currency pair in focus: EUR/USD
Yesterday’s inside bar setup on EURUSD popped higher today and provided a nice counter-trend trade.
We can see a pin bar occurred at 1 and there was a “false break” of the 1.3580 level which indicated this was solid support.
Yesterday an inside bar formed at point 2 just above this level that provided the price action setup to enter this trade. Point 3 shows the pop higher that occurred as a result of this setup. Counter trend trading is not recommending for beginning forex traders but after you learn to trade with price action you will be able to decipher quality counter trend trades from inferior counter trend price action setups.
For a more in-depth analysis of the major forex currency pairs as well as price action setups see my price action trading course.
Daily Forex Market Commentary:
On Wall Street today markets were closed due to the President’s Day bank holiday.
Stocks will likely have trouble making any decent gains the rest of this week if European finance ministers cannot reassure world markets that they can contain Greece’s debt problems.
The fear is that Greece’s problems could spread to other countries as cash-strapped governments around the world continue to try and spend their way out of the recession which is causing a mountain of public debt.
Currencies:
The U.S. dollar saw very little movement today in the major currency pairs as the bank holiday in the U.S. limited FX market movement.
The dollar did manage to push out small gains against the Euro, Pound, and Swiss Franc while losing slightly to the Yen, Aussie dollar, Cad. Dollar, and New Zealand dollar.
Currency pair in focus: GBP/USD
Today’s feature currency pair is the GBPUSD. Specifically we are analyzing the inside bar that formed today and the possible scenarios that may unfold over the coming trading days.
We can see a strong resistance zone between 1.5750-1.5850. It is possible that price may break up from the inside bar setup that formed today and re-test this resistance resulting in a fakey setup. It may just re-test the resistance without resulting in a fakey as well.
Alternatively, price may just break down from the low of today’s inside bar near 1.5610 and resume the downward price movement. Inside bar price action setups usually give rise to a great trend continuation move either through a fakey price action setup or from a break out in the direction of the trend.
For a more in-depth analysis of the major forex currency pairs as well as price action setups take my forex price action educational trading course.
The Routine of a Successful Price Action Forex Trader - Trading success is a result of discipline, and having a set daily routine is one aspect of being a disciplined forex trader. It is so easy to fall off track and start making emotional mistakes as a trader that you really need to consciously stop this from happening by having a daily routine that you go through every day. A daily routine will add a degree of order and stability to your trading
Continue Reading Habits of a Successful Price Action Forex TraderDaily Forex Market Commentary:
On Wall Street today the Dow closed down 45 points but was down as much as 160 points earlier in the session.
News that China may take further steps to keep its economic expansion from getting out of hand provided the negative catalyst for today’s selling. Stocks for businesses with extensive overseas activity took the biggest hit today with Alcoa, Boeing and General Electric all falling more than 1%
Currencies:
The U.S. dollar gained modestly on the major currencies today as whip saw trading conditions dominated the forex market.
The U.S. dollar rose significantly during the European session but gave up the majority of it’s gains to the majors during the New York session closing only slightly higher against most currencies.
Crude oil closed down$1.15 a barrel and Gold closed down modestly from Thursday.
Currency pair in focus: EUR/JPY
Today’s feature chart is the EURJPY currency pair. We are looking at the pin bar that formed on Friday as a possible catalyst for a correction to the upside over the next few trading days.
This is a riskier trade because it is counter-trend, we generally advise traders to trade only with the trend when learning to trade forex, as such the safer alternative in today’s currency pair in focus is to wait for a move higher into resistance and sell from a bearish price action setup.
The two resistance zones we are watching come in at 124.40 and then between 126.00-127.00 respectively. Support and resistance levels are important to watch because they add confluence to our price action signals.
For a more in-depth analysis of the major forex currency pairs and price action setups check out my Forex Educational Course.
Daily Forex Market Commentary:
On Wall Street today the Dow gained 106 points as investors grew optimistic on the back of the Euro-zone’s pledge to help Greece with its debt problems. However, some analysts warned that a band-aid over Greece’s debt troubles won’t be enough to kick start the 10-month rally in stocks that has recently stalled.
Encouraging jobs data out of the U.S. also supported the rally on Wall Street today.
The Labor Department reported that first-time claims for unemployment benefits fell more than expected last week.
Currencies:
The U.S. dollar rose against the euro today despite the broad advance in equities which usually correlates with a decline in the U.S. dollar. The euro is very weak across the board right now, the fact that the dollar lost ground to all major currencies except the euro today is evidence of this fact.
The U.S. dollar lost ground to the British pound, Australian dollar, New Zealand dollar, Canadian dollar, and Japanese Yen.
Currency pair in focus: EUR/USD
Today’s chart of EURUSD highlights an inside bar that formed on Wednesday of this week. The inside bar setup will often provide a very low-risk / high-probability entry in the context of a strongly trending market like the current EURUSD market.
We almost always trade inside bars in the direction of the trend, because this is where they are the most powerful, however sometimes they can be used as turning point entries. The inside bar setup is one of the most simple yet highly profitable price action setups that I teach. You will find specific entry techniques for the inside bar setups as well as other price action setups in my forex trading course.
For a more in-depth analysis of the major forex currency pairs and price action setups check out my Trading Instructional Course.
Daily Forex Market Commentary:
On Wall Street today the Dow closed down only 20 points after being down nearly 100 points early in the trading day.
Stocks managed to pare most losses after traders absorbed Fed chairmen Ben Bernanke’s speech on how the central bank plans to wean the U.S. economy off economic supports put in place to help keep it afloat.
Currencies:
The U.S. dollar rose against all the major currencies today except the Canadian dollar. This was largely due to the fact that Crude oil rose 77 cents on the NYMEX and Crude oil generally correlates positively with the Canadian dollar due to the country’s vast oil supplies.
Gold futures closed down marginally.
Currency pair in focus: EUR/USD
Today’s chart is a flash back to some previous great price action that occurred in the EURUSD currency pair. We can see on this chart that a very well defined daily pin bar set in motion a cascade of price action events that really highlight just how effective my forex educational course is.
We can see in this chart that horizontal levels acted like magnets to the price and essentially pulled price action towards them and then repelled it once they collided. Trading price action setups such as pin bars and others are a great way to understand the ebb and flow of the forex market.
When you combine price action setups with horizontal support and resistance areas you have all the analytical tools you need to effectively trade the forex market. When you combing this great trading method with a healthy dose of discipline and a “set and forget” mindset there is literally no limit to the amount of money you can make in the forex market.
For a more in-depth analysis of the major forex currency pairs and price action setups check out my Forex Educational Course.
Daily Forex Market Commentary:
On Wall Street today the Dow closed up 150 points as hopes rose that the European Union will soon intervene in Greece’s escalating debt problem.
The Dow closed back above the psychological 10,000 level one day after closing below it for the first time in 3 months.
Currencies:
The U.S. dollar mostly lost ground against the major currencies today with the exception being the Japanese Yen.
Crude oil and Gold also rose today on the back of a renewed sense of positivity.
Currency pair in focus: GBP/USD
Today’s currency in focus is the daily GBPUSD. We can see a very strong resistance area just over head coming around 1.5850. As price action traders we pay special attention to confluent areas such as this one on GBPUSD. A price action signal that develops at or near a strong horizontal support and resistance area has added significance.
The 1.5850 level below also coincides with the 50%-61.8% retracement zone. When we get multiple factors lining up as on the chart below it is called confluence of signals. Confluent levels combined with price action setups give very strong clues about impending price direction.
I teach you how to master what I think are the best price action setups to trade and how exactly to trade them from confluent levels in my trading course.
For a more in-depth analysis of the major forex currency pairs and Price Action Education please check out my Price Action Trading Course.
Daily Forex Market Commentary:
On Wall Street today the Dow closed below 10,000 for the first time since last November as investors continued to worry about sovereign debt problems in the euro-zone which elicited a sell-off in banking shares.
Currencies:
The U.S. dollar gained today on most of the major currencies but did post a marginal loss to the Japanese Yen.
Risk aversion continues as debt problems in the euro-zone continue to cause traders to buy safe haven currencies such as the U.S. dollar and Japanese Yen.
Currency pair in focus: EUR/JPY
Today’s daily chart of EURJPY shows us an inside bar formation. While price did not rally up to our selling zone around 124.75 discussed in yesterday’s commentary yet, today’s inside bar provides another possible price action trading setup.
Inside bars are best used as trend-continuation patterns, as such, in a down trend like the one we are currently seeing on today’s forex chart we would look to sell a break of the low of the inside bar setup with stops just above the high.
Price action setups off the daily charts like today’s inside bar setup allow traders to use what I call a “set and forget” mentality. Traders can set their orders and then walk away until the next day. This is a great way to trade forex using price action setups that will allow you to live the rest of your life without being glued to your PC.
For a more in-depth analysis of the major forex currency pairs and Price Action Education please check out my Price Action Trading Course.
Daily Forex Market Commentary:
On Wall Street Friday the Dow closed up 10.05 points after being down nearly 200 points early in the trading session. Investors bought up beaten-down technology and material shares which lead to a last minute bounce in stocks.
This trading week brings with it a heightened since of caution on Wall Street as investors analyze the debt problems in Greece, Portugal, and Spain. The euro has lost significant ground to the U.S. dollar in recent weeks as risk aversion has set the theme for currency, stock, and commodity markets alike.
Recent economic reports have casted doubt on Wall Street over whether the rally from 2009 is truly sustainable. Disappointing employment numbers and continuing uncertainty over President Obama’s intentions with regards to legislative reform for the banking and healthcare industry has increased bearishness across the board.
Currencies:
This week will likely see more U.S. dollar strength as well as Japanese Yen strength. There will likely be corrections within these trends as we saw significant directional moves into the end of the trading week last week. As such, our general advice for this upcoming Forex trading week is to watch for price action setups on pullbacks to resistance or support levels within the current FX trends.
This essentially means we are still bullish on the U.S. dollar and Japanese Yen, as such we will look to get long dollars and long yens should a bearish price action opportunity present itself. These are good strong trends to watch out for well formed 4 hour and daily pin bars, 4 hour and daily fakey setups, and even daily inside bars as continuation plays.
Currency pair in focus: EUR/JPY
Below is a daily forex chart for EUR/JPY. We are watching the resistance level of 124.75 for possible bearish price action setups this week. We like to trade with the dominant trend and take only confluent price action setups off of strong horizontal or trend inflection zones.
We will monitor this price action selling zone should any quality pin bar or fakey setups occur. We could even look to sell a continuation break down of an inside bar setup if one forms in this zone.
For a more in-depth analysis of the major forex currency pairs and Price Action Analysis please check out my Forex Educational Course.
Daily Forex Market Commentary:
On Wall Street today stocks sold off aggressively as investors fled risky assets in favor of safer alternatives. The Dow was down 268.29 points at the New York close, the S&P and Nasdaq also lost substantially.
The main catalyst behind today’s broad sell off was renewed concern over mounting debt problems out of several Euro-Zone countries. There was also a larger than expected rise in weekly jobless claims out of the U.S. adding to concerns about growth ahead of Friday’s key monthly employment report.
Currencies:
Gold saw it’s biggest decline in 16 months, dropping over $50 an ounce as investors flocked to the safe-haven U.S. dollar. Most other metals and commodities were down as well.
The U.S. dollar gained big on all major currencies except the Japanese Yen as renewed risk aversion dominated the currency markets on Thursday. The greenback is very bullish and we see this trend continuing in the near-term. As such, our general view is bullish on the U.S. dollar until we see declarative technical and fundamental evidence that signals other wise.
Currency in focus: Gold
We can see our Gold trade from yesterday worked out quite nicely. This huge move was set off from a pin bar off a confluent level. This is what we teach here at Learn To Trade The Market and it is the only way we advise people to trade. This was a perfect “set and forget” trade as we had our entry , stop, and exit well defined before we took the trade.
There is no better way to trade the currency markets than through price action setups on the daily chart that you “set and forget” about. Trading with confluence and taking quality price action signals will allow you to profit consistently in the forex market.
Before:
After:
For a more in-depth analysis of the major forex currency pairs and Price Action Analysis please check out my Forex Trading Course.
