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Trading Price Action on the 4 hour GBPUSD chart
The GBPUSD has formed a strong bearish pin bar setup on the 4 hour chart as of today’s trading session. This pin bar setup has the momentum of the downtrend behind it and is also showing clear rejection of the strong resistance near 1.4560. See the charts below for more:
Here is a zoomed out look at the 4hr GBPUSD chart, note the support that comes in around 1.4200-1.4250:
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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 strengthened today against the other major currencies except for the Japanese yen which it lost ground too as the yen strengthened across the board due to continued risk aversion in equity markets.
Today’s trading session was somewhat erratic with the greenback and yen both weakening during the Asian and European trading sessions, but then reversing and resuming recent dominant trends into the New York close.
Today, the Dow lost 115.48 points, or 1.16 percent, the S&P 500 dropped 14.41 points, or 1.35 percent, and the Nasdaq dropped 45.27 points, or 2.04 percent.
Over trading is perhaps the most prevalent and damaging mistake that forex traders make. The problem with over trading is that it amplifies anything else you are doing wrong in the market, and it typically is either the cause of other emotional trading mistakes or a result of them.
Continue Reading Over Trading in the Forex Market is DangerousGBPUSD Inside Bar at Resistance update and EURJPY pin bar setup
Yesterday we discussed the GBPUSD inside / pin bar combo setup that formed. Today that setup came off nicely to the downside. This setup was in the direction of the dominant trend and occurred just beneath a strong resistance zone.
To learn more about price action setups like the pin bar / inside bar combo 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.
EURJPY:
In yesterday’s member’s commentary we posted up this bearish EURJPY pin bar setup that formed with the trend at resistance.
Commentary:
The U.S. dollar gained ground today as investors flooded back into the traditional safe havens of U.S. and German government bonds.
The risk aversion put extreme pressure on commodity prices, with oil losing more than 4 percent to below $72 a barrel.
The euro dropped below $1.20 for the first time in over four years today as new fears arose that Hungary might be the next country to fall prey to the escalating Euro-zone debt crisis.
The Dow lost 324.06 points, or 3.16 percent, the S&P 500 dropped 37.95 points, or 3.44 percent, and the Nasdaq Composite Index sank by 83.86 points, or 3.64 percent.
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Continue Reading Top Five Tips for Forex TradingGBPUSD Inside Bar at Resistance
Today we are looking at the daily chart of GBPUSD. An inside bar has formed as of today’s New York close and it is sitting just beneath a strong resistance area near 1.4775.
This price action setup has added significance because it is what I call an inside bar – pin combo setup. This essentially means it is a pin bar inside the range of the previous bar. This is a bearish setup in the context of the dominant daily down trend.
For some excellent articles pertaining to price action trading, psychology, and money management please click here: Forex Articles
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 traded mixed today, gaining ground on some currencies and losing to others. The greenback gained on the Euro, Swiss franc, British pound, Canadian dollar and Japanese yen, while losing ground to the Australian dollar and New Zealand dollar.
Tomorrow is a data-heavy day in the currency markets with both the U.S. and Canada releasing their monthly employment reports.
The Dow gained 5.74 points, or 0.06 percent, the S&P 500 added 4.45 points, or 0.41 percent, and the Nasdaq rose 21.96 points, or 0.96 percent.
GOLD bullish price action
The daily Gold chart is exhibiting some rather bullish price action, notice all the bullish pin bars that have formed recently in the context of the current up trend.
Today price pushed lower early in the trading session but then quickly got bid higher after hitting support near 1213.50, which was also the high of the last bullish pin bar from 5/28.
Price action such as what we are seeing in the current Gold chart can act as a light to guide your trading decisions each day.
Check out these videos to learn more: 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 lower today against the other major currencies as risk appetite returned to the equity markets. The greenback lost ground to all major currencies except the Japanese Yen.
The yen was the biggest loser today as investors quickly dumped the safe-haven currency for currencies with higher yielding interest rates.
The euro managed to squeak out a tiny gain against the greenback today even amidst strong gains in equities, indicating the European debt crisis is still weighing heavily on the multi-nation currency.
The Dow rose 225.52 points, or 2.25 percent, the S&P 500 gained 27.67 points, or 2.58 percent, and the Nasdaq gained 58.74 points, or 2.64 percent.
EURGBP Bearish Pin Bar Update
Today we are looking at the EURGBP bearish pin bar setup that we first discussed in the commentary back on 5/24. This was a very good pin bar setup and now that it has played out over the course of the last couple of weeks lets go over why the setup was a high-quality price action setup.
• The pin bar was with the dominant trend
• The pin bar was very well defined; it had a long upper shadow and the close was lower than the open, and the open and close were in the bottom third of the bar
• The pin bar was clearly rejecting a very strong horizontal level
Here is the chart we posted in our original commentary on this setup back on 5/24:
And here is the updated chart as of today’s New York closing:
To learn more about price action trading click here for some great training videos: 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 training course.
Commentary:
The U.S. dollar closed mostly higher today against the other major currencies as risk appetite turned negative into the New York session closing.
The greenback lost light ground to the Japanese yen and British pound but managed to post decent against against the rest of the majors.
The Dow lost 112.61 points, or 1.11 percent, the S&P 500 lost 18.70 points, or 1.72 percent, and the Nasdaq lost 34.71 points, or 1.54 percent.
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