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EURJPY inside bars update and Gold pin bar
The “coiling” EURJPY inside bar setup discussed in yesterday’s commentary has broken support and came off to the downside today.
We can see it is apparent in the chart below that this setup came off in the direction of the dominant down trend as expected. Inside bars can often signal resumption of dominant trends, such as we see in the chart below.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading training course.
Gold:
Gold has formed another bullish pin bar setup on the daily chart that is in the direction of the dominant uptrend. The four hour chart is also showing bullish pin bars. To read more about how to trade price action in trending markets like gold, click here: Price action trading with gold
Commentary:
The U.S. dollar traded higher against most of the other major currencies today but lost again to the surging British pound.
The greenback posted relatively small gains against the other major currencies with a somewhat larger gain coming against the New Zealand dollar.
The Dow lost 5.29 points, or 0.05 percent, the S&P 500 dropped 2.19 points, or 0.20 percent, and the Nasdaq lost 2.83 points, or 0.13 percent.
Most traders significantly over complicated their interactions with the market simply because they interact TOO MUCH with the market. Unless you have a really large trading account and just genuinely enjoy scalping the market by jumping in and out of positions multiple times per day, there really is no point in ever looking at a time frame under 1 hour.
Continue Reading Advantages of Trading Higher Time Frames in ForexEURJPY coiling inside bars and fakey update
The EURJPY has formed “coiling” inside bars over the last 2 sessions meaning this market is winding up tighter and will likely make an explosive move soon. The possible scenarios are that the inside bars could break out to the downside, in the direction of the recent down trend, sparking another leg lower, or there could be a “false” break to the downside if there is not enough sell pressure to continue the down trend.
Prices could break higher as well and move back up towards resistance near 113.50, or break higher and result in a bearish fakey. Either way it is best to trade with the dominant trend, in the case to the downside, or error on the side of caution by waiting for the market to make up its mind and then getting in the ensuing move using a price action entry.
Notice also how well the fakey sell setup from 6/21 has played out, moving down right into the next support zone near 109.50.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading training course.
Commentary:
The U.S. dollar traded higher against most of the other major currencies today but lost again to the surging British pound.
The greenback posted relatively small gains against the other major currencies with a somewhat larger gain coming against the New Zealand dollar.
The Dow lost 5.29 points, or 0.05 percent, the S&P 500 dropped 2.19 points, or 0.20 percent, and the Nasdaq lost 2.83 points, or 0.13 percent.
GOLD pin bars with the trend – update
The double bullish pin bar setup that we discussed in Thursday’s commentary has come off nicely to the upside as of Friday’s closing. The trend has been strong recently in Gold with no real indications of a top being put in place any time soon.
For more information on how you could have effectively taken advantage of this recent bull run in gold via price action setups please check out this great article: price action trend trading in gold
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading training course.
4-hour gold chart update:
Our member’s got first notice of this setup before it came off to the upside as we posted it in the gold thread in our member’s section.
Commentary:
The U.S. dollar traded mixed this week against the other major currencies, losing to some for the week and gaining on others.
For the week, the greenback gained modest ground on the Canadian dollar and slight ground on the Euro and Australian dollar. The greenback lost ground to the British pound, Japanese yen, New Zealand dollar, and Swiss franc.
For the week on Wall Street, the Dow dropped 2.94 percent, the S&P 500 lost 3.65 percent, and the Nasdaq dropped 3.74 percent.
The Dow is down 2.73 percent for the year, while the S&P 500 is down 3.44 percent and the Nasdaq is off 2.01 percent.
GOLD pin bars with the trend
Gold has been in a near run away uptrend lately and the last two days have formed consecutive bullish pin bars that are hinting at the possibility of higher prices in this precious metal.
Notice the numerous other pin bar setups on the gold chart below that have worked out as great entries into this strongly trending market.
4 Hour gold chart and daily gold chart are in agreement:
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar was mostly stronger today against the other major currencies.
However, the greenback did manage to give up slight ground to the Euro, Swiss franc, and Japanese yen.
The Japanese yen was the big winner today with the sell-off in stocks causing reduced risk appetite, the yen gained ground against all the other major currencies.
The Dow lost 145.64 points, or 1.41 percent, the S&P 500 dropped 18.35 points, or 1.68 percent, and the Nasdaq lost 36.81 points, or 1.63 percent.
Forex Trade Setups Commentary:
EURJPY Fakey Still Producing Negative Momnentum
The EURJPY formed a bearish fakey recently at logical horizontal resistance at the 113.00 level, with the last few days of trade, showing ongloing bearish momentum, proving just how powerful that most recent sell signal was for the market. That 113.00 level is now an obvious level, combined with the recent price action sell signals. This recent price action setup shows just how “strong” the setups we use can be, in particular when a market is trending, there is significant profits to be made.
The EURJPY is certainly susceptible to recent volatility in global equity markets, meaning a bad day in stocks could conceivably take the wind out of the recent bullish momentum we have seen in the EURJPY.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar was mostly lower against the other major currencies today, except for a large gain on the Canadian dollar due to falling crude oil prices. August crude futures sank 2 percent to $76.35 per barrel as a big increase in U.S. crude inventories cast doubt on demand prospects and a downturn in a broad array of commodities diminished risk appetite.
The Japanese yen gained big on the greenback, while losing modest ground to the surging British pound. The yen mostly gained modest ground against the other majors.
The Dow gained 4.92 points, or 0.05 percent, the S&P 500 lost 3.27 points, or 0.30 percent, and the Nasdaq lost 7.57 points, or 0.33 percent.
GBPJPY and EURJPY Bearish Price Action Setups
GBPJPY:
As discussed in yesterday’s commentary, the GBPJPY formed a bearish fakey setup yesterday indicating rejection of resistance near 136.00. As of yesterday it was a bit unclear if price would continue moving higher or if the fakey would result in a move to the downside.
Today’s session brought lower prices early on in the GBPJPY, but then price got bid higher and closed the day nearly unchanged. It is worth noting that the close of today’s bar was lower than the open, indicating a weak attempt by the bulls to reclaim higher prices.
The bearish fakey from yesterday is still valid and may yet push prices lower, support comes in near 130.50.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
EURJPY:
The EURJPY also formed a small bearish fakey setup yesterday that has come off nicely to the downside today due to continuing weak fundamentals in the Euro-zone combined with the recent technical downtrend in the EURUSD.
Our member’s got notification of this setup yesterday shortly after the New York close in the member’s daily market commentary.
Commentary:
The U.S. dollar lost modest ground to the British pound, Swiss franc, and Japanese yen today while gaining modestly on the euro.
The dollar was also higher against the Australian dollar, New Zealand dollar, and Canadian dollar.
The Dow lost 84.65 points, or 0.81 points, the S&P 500 dropped 10.73 points, or 0.96 percent, the Nasdaq lost 11.49 points, or 0.50 percent.
GBPJPY Rejection of resistance
The GBPJPY showed rejection of resistance near 136.00 today, forming a small bearish fakey setup. However, the 4 hour momentum is still slightly more bullish than bearish.
We are looking at the possibility of a break of today’s fakey to the downside with a possible move down to support near 130.50. Alternatively a continuation of the bullish momentum could see prices break up past the high of today’s fakey near 136.00 and push higher still.
This market is currently consolidating so keep this in mind, consolidating markets are inherently more difficult to trade than trending markets.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar gained modest ground on most of the majors today but it could not make up all the ground it lost to the Australian or New Zealand dollars last Friday, closing higher against these two currencies from Friday’s close.
The Japanese yen remained largely unchanged today after gaining back much of its early session losses to the other majors. We are seeing some price action setups forming as of today’s new York close, see the member’s commentary for more on this.
The Dow lost 8.23 points, or 0.08 percent, the S&P 500 dropped 4.30 points, or 0.38 percent, and the Nadaq lost 20.71 points or 0.90 percent.
Forex Trade Setups Commentary:
AUDJPY Inside Bar Pin Bar Combo
The AUDJPY has reclaimed its recent highs near 78.00-79.00 forming multiple daily pin bars recently that are showing the pair is maintaining is buoyancy.
Notice also the 8 period EMA in the chart, price has shown rejection of this dynamic support area on 3 occasions over this previous week.
Should this inside bar pin bar combo breakout decisively to the upside we could see a move up towards 82.00 which also coincides with the Fibonacci 61.8% retracement level. Alternatively, it is possible a “false break” to the upside could occur resulting in a bearish fakey setup. Price action will tell us soon enough.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The euro rose 2.1 percent against the U.S. dollar this week, its best weekly performance since May 2009, as anxiety about the fiscal health of euro zone countries eased this week and Spain attracted buyers for an auction of its debt.
The euro slid to a record low EURCHF at 1.3718 Swiss francs, according to Reuters data, while the dollar hit a one-month low of 1.1081 francs.
U.S. gold futures settled at the highest close ever after racing to a record level as investors continued to buy precious metals as an alternative asset after weak U.S. data on Thursday renewed worries about the pace of recovery, traders said.
U.S. gold futures for August delivery GCQ0 in New York climbed to record $1,263.70 an ounce, and settled up $9.60 at $1,258.30, its highest close.
“It is a case of gold’s ability to compete with both credit and equity markets for investments. Competing with credit markets has been in play for a long time, because of low interest rates and low opportunity cost of holding gold,” said Tom Pawlicki, precious metals analyst at MF GLOBAL in Chicago
The Dow rose 16.47 points, or 0.16 percent, the S&P 500 added 1.47 points, or 0.13 percent, and the Nasdaq added 2.64 points, or 0.11 percent.
Inside Bar Forex Strategy on AUDUSD, extremely nice forex trade with 3 to 1 profit. These are the best setups I use to play break outs.
View Inside Bar Strategy on AUDUSD VideoGBPUSD 4hr Fakey Setup / USDCAD update
GBPUSD:
The GBPUSD 4 hour chart formed a very nice fakey setup with the recent bullish 4 hour momentum. Resistance is seen just over head around 1.4835. This setup provided traders with a high probability entry with enough steam to at least get stops to break even.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
USDCAD:
The USDCAD pin bar / fakey setup we posted up last Monday has technically not been invalidated yet. Price has sold down to the low of the fakey near 1.0222 but has been unable to push below this support area.
Commentary:
The U.S. dollar was mostly lower today but managed to gain modest ground against the Canadian dollar as crude oil futures finished today’s trading session lower, closing under $77 a barrel.
The Japanese yen managed to stay relatively unchanged against most of the majors today except against the Swiss franc which it lost about 100 pips to.
The Dow gained 24.71 points, or 0.24 percent, the S&P 500 added 1.43 points, or 0.13 percent, and the Nasdaq added 1.23 points, or 0.05 percent.
GBPUSD support and resistance levels
The GBPUSD pushed above the strong resistance area near 1.4775 yesterday but could not manage to maintain itself above this level, this was apparent by today’s New York close price dynamics in the pair. We are not seeing much support until around 1.4345.
The last 3 hours of the New York trading session saw the GBPUSD shed about 100 pips. This indicates that the 1.4775 resistance area is still very relevant, had the pair managed a consecutive close above this level today it would have been rather bullish, however this was not the case.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar was relatively unchanged today against the other major currencies.
The dollar gained minimal ground against the Euro, Australian dollar, New Zealand dollar, and British pound, while losing minimal ground to the Swiss franc, Canadian dollar, and Japanese yen.
The Dow gained just 4.69 points, or 0.05 percent, the S&P 500 fell 0.62 of a point, or 0.06 percent, and the Nasdaq gained just 0.05 of a point, or 0.00 percent.
EURUSD 4 hour pin bar setup with trend
The daily chart of EURUSD is showing us a couple different things. First off, we can see price closed above or very near the 8 period ema for 3 consecutive days prior to today’s forex trading session.
Next, we can see that price pushed down to re-test the old resistance / new support level near 1.2150-1.2175 today. After viewing the daily chart below please have a look at the 4 hour chart for a great pin bar setup.
The 4 hour chart below shows a great pin bar setup that occurred with the recent 4 hour bullish trend. This was a solid setup that anyone can learn to trade with an education in price action analysis.
For a more in-depth analysis of pin bar setups like the one above and specific entry techniques to use when trading them, please check out my forex trading course.
Commentary:
The U.S. dollar was lower across the board today as positive news out of the Euro-zone influence risk appetite.
The euro, used to assess risk appetite in the current climate of concern about Europe’s debt situation, rose above $1.23 versus the dollar to its highest level since June 3.
“You are seeing renewed confidence, and it’s certainly evident in the price action in the euro,” said Tom Schrader, managing director of U.S. equity trading at Stifel Nicolaus Capital Markets in Baltimore. “There’s definitely a trend toward returning to risky assets.”
The Dow added 213.88 points today, or 2.10 percent, the S&P 500 added 25.60 points, or 2.35 percent, and the Nasdaq gained 61.92 points, or 2.76 percent.
By learning to trade what we see, and not what we think, we can make sure that we are operating on logic and objectivity instead of emotion. Trading only obvious price action setups that have already formed, and that are not just ideas or “possible” setups, provides us with a type of “check and balance” to make sure that we are not trading off emotion or some hare-brained pattern or idea that is not actually there.
Continue Reading Trade What You See, Not What You ThinkUSDCAD Pin Bar / Fakey combo setp
The USDCAD formed a bullish pin bar / fakey combo setup today. This setup is showing rejection of the horizontal support area near 1.0220, this area has proved to be a solid level in the recent past.
Notice another pin bar / fakey setup that occurred back on 5/13 around the same level which worked out very nicely.
For a more in-depth analysis of fakey and pin bar setups like the one above and specific entry techniques to use when trading them, please check out my forex trading course.
Commentary:
The U.S. dollar traded mostly lower today but managed to squeak out a small gain on the Canadian dollar into the New York close.
The Japanese yen gained ground on the U.S. dollar and Canadian dollar while losing ground to most of the other majors. However, the yen managed to gain back much of its losses as U.S. stocks ended the session in negative territory after the down grade of Greece’s debt.
The Dow lost 20.18 points, or 0.20 percent, the S&P 500 dropped 1.97 points, or 0.18 percent, and the Nasdaq rose 0.36 points, or 0.02 percent.
An inside bar indicates a time of indecision or consolidation. Inside bars often occur at tops and bottoms, in continuation flags, and at key decision points like major support/resistance levels and consolidation breakouts. They often provide a low-risk place to enter a trade or a logical exit point.
Continue Reading Trading the Inside Bar Strategy in ForexAUDUSD support and resistance levels
The AUDUSD has carved out a rather defined trading range between about 0.8550 and 0.8075. If price closes beyond one of these levels we are likely to see a strong move shortly thereafter.
Ideally we would like to see a price action setup occur at one of these strong horizontal levels so that we can have the power of confluence on our side before entering a trade. To learn more about trading price action off of confluent levels click here: Trading Confluence
For a more in-depth analysis of fakey setups like the one above and specific entry techniques to use when trading them, please check out my forex trading course.
Commentary:
The U.S. dollar closed higher today against most of the other major currencies with the exception being a slight loss to the Australian dollar and New Zealand dollar.
Overall, the greenback lost ground to all the major currencies this week; it seems to be in the midst of a counter-trend pull back. Let’s follow the price action next week to monitor this pull back and watch for possible trend resumption.
The Dow gained 38.54 points, or 0.38 percent, the S&P 500 added 4.76 points, or 0.44 percent, and the Nasdaq gained 24.89 points, or 1.12 percent.
GBPJPY 50% retracement pin bar setup, EURJPY fakey update
GBPJPY:
On Tuesday the GBPJPY formed a bullish retracement pin bar setup that retraced to the 50%-61.8% zone. Note that this setup was moving against the broader weekly and daily down-trend, however momentum had been shifting to the upside on the 4 hour chart and a bullish pin bar was also evident on the 4 hour chart.
To learn more about trading 50% retracements with price action setups please click here: price action 50% retracements
For a more in-depth analysis of fakey setups like the one above and specific entry techniques to use when trading them, please check out my forex trading course.
EURJPY:
The EURJPY bearish fakey setup we posted in yesterday’s commentary is now invalid because the high of the fakey bar has been breached, the setup never broke the low and thus never came off to the downside, momentum has pushed price up through resistance near 110.00.
Commentary:
The U.S. dollar lost to all the major currencies today except for a slight gain against the Japanese yen.
Exceptionally strong performers today were the British pound, Australian dollar, New Zealand dollar, and Canadian dollar. The commodity currencies saw the biggest jumps today likely due to the broad advance in energy stocks.
The Dow added 273.28 points, or 2.76 percent, the S&P 500 added 31.15 points, or 2.95 percent, and the Nasdaq gained 59.89 points, or 2.77 percent.
EURJPY Inside Bar setup becomes Fakey setup
The EURJPY inside bar setup we discussed in yesterday’s commentary turned into a bearish fakey setup today. As we mentioned yesterday a “decisive” move above the resistance near 110.00 was needed to nullify the inside bar setup. While the market did move above 110.00 it could not close near or above this level, closing out today at 109.35.
This “false-break” of the resistance level is a classic sign of a potential move lower in the making. The fakey setup is evidence of this. This EURJPY moving from the inside bar to the fakey is a clear example of how price action can give you a unique “perspective” on the market that no other method can provide.
To learn more about price action setups like the fakey setup and others please click here: Forex Trading Videos
For a more in-depth analysis of fakey setups like the one above and specific entry techniques to use when trading them, please check out my forex trading course.
Commentary:
The U.S. dollar traded mostly lower to the other major currencies today but ended the day nearly unchanged against most of them as U.S. equity markets moved negative into the close.
The greenback lost modest ground to the British pound, but closed nearly unchanged from yesterday’s closing price against the euro and Australian dollar.
The Dow lost 40.73 points, or 0.41 percent, the S&P 500 dropped 6.31 points, or 0.59 percent, and the Nasdaq dropped 11.72 points, or 0.54 percent.
EURJPY Inside Bar Setup with Trend
The EURJPY currency pair has formed an inside bar setup just under a critical support level near 109.70-110.20. Inside bar setups like this one can sometimes be very strong signals as they are typically an indication of a possible aggressive continuation of the dominant trend.
A decisive move back above the horizontal level near 109.70-110.20 would nullify this inside bar setup.
To learn more about price action setups like the inside bar and others please click here: Forex Trading Videos
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
Commentary:
The U.S. dollar was mostly lower today, except for a slight gain against the Japanese yen.
The greenback lost slightly to the euro and British pound while losing more significantly to the commodity currencies like the Australian dollar and Canadian dollar.
The Dow gained 123.49 points, or 1.26 percent, the S&P 500 rose 11.53 points, or 1.10 percent, and the Nasdaq dropped 3.33 points, or 0.15 points.
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