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PRICE ACTION FOREX TRADING COURSE
NZDUSD counter-trend pin bar
The NZDUSD formed a bearish counter-trend pin bar on 7/27 that has come off to the downside. This may just be a correction in the overall daily uptrend.
Typically counter-trend setups are lower probability, however the pin bar in today’s discussion did form near a rather strong resistance near 0.7400.
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 mainly lower today against the other major currencies, gaining modestly on the New Zealand dollar while posting modest losses to the other majors.
The Dow lost 31.03 points, or 0.30 percent, the S&P 500 dropped 4.63 points, or 0.42 percent, the Nasdaq lost 12.87 points, or 0.57 percent.
EURUSD inside bar near resistance
The EURUSD formed a small inside bar today near the resistance area of 1.3050-1.3100. This price action setup could result in a continuation of the uptrend with an upside breakout of the inside bar, or a rotation back lower should price break to the downside.
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 stronger today, while losing ground to others…
The greenback gained ground on the Australian dollar, Canadian dollar, and New Zealand dollar, while remaining essentially unchanged against the British pound and Euro, and losing modest ground to the Japanese yen and Swiss franc.
The Dow lost 39.81 points, or 0.38 percent, the S&P 500 dropped 7.72 points, or 0.69 percent, and the Nasdaq fell 23.69 points, or 1.04 percent.
Gold falling away, GBPUSD breaks higher.
Gold broke lower today, pushing further away from the 8 and 21 period EMA’s. Notice in the chart below the circle which is showing a series of bearish rejection bars that occurred in the course of this weakening market.
We discussed the possibility of this market moving lower in yesterday’s commentary, price was hugging the 8 day EMA and the series of rejection bars signaled lower prices were possible.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
GBPUSD
The GBPUSD broke above resistance today near 1.5520; this has been a very significant level this year.
Commentary:
The U.S. dollar regained some strength today but failed to make a big rebound. The greenback gained modestly on the Euro, Australian dollar, and New Zealand dollar while posting bigger gains against the Swiss franc, Canadian dollar, and Japanese yen. The U.S. dollar lost ground to the British pound.
The Dow gained 12.26 points, or 0.12 percent, the S&P 500 dropped 1.17 points, or 0.10 percent, and the Nasdaq lost 8.18 points, or 0.36 percent.
Gold Is Looking Weak. GBPUSD at Interesting Level.
Every once in a while we like to recap gold since gold it is the universal currency. Gold has been weakening lately as we can see in the chart below.
Notice how the 8 and 21 period EMAS have crossed lower on the daily gold chart. Price has been hugging these dynamic resistance levels and moving lower for about the last month.
The daily chart has formed a few bearish rejection bars recently showing rejection of the 8 and 21 EMA. Trend trading with gold can be a very consistent way to trade the market.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
GBPUSD:
The GBPUSD pushed higher today hitting nearly perfectly the resistance level at 1.5420 that was set back in April.
There is not much to do but wait and see what price decides to do from here and wait for a price action setup to present itself, it is just a very significant level to watch.
Commentary:
The U.S. dollar was lower today across the board as equities rose on positive economic data.
The Japanese yen remained strong today; holding its ground against the Australian dollar and Euro while gaining on the U.S. dollar, British pound, Canadian dollar and Swiss Franc.
The Dow rose 100.81 points, or 0.97 percent, the S&P 500 rose 12.35 points, or 1.12 percent, and the Nasdaq added 26.96 points, or 1.19 percent.
So, the question from so many of you on the email recently is, “How to trade Forex using End Of Day Price Action Signals” Now in fairness to all newbie traders, I am not going to make this a complex forex strategies article, I am going to keep it as simple as possible. My objective here is to show you why I like to enter many of my price action signals at the New York close, that means “After Wall St Closes”.
Continue Reading How To Trade Forex – ‘End Of Day Price Action Strategies’ at New York Close.GBPUSD inside bar setup with trend
Yesterday the GBPUSD formed an inside bar in the context of the dominant daily uptrend. Today this inside bar setup came off with the trend to the upside. Resistance comes in near 1.5475.
Inside bars are best traded in the direction of the dominant trend as we can see in the chart example below. This inside bar setup was good for a risk to reward of 1 to 1.5, possibly more if resistance near 1.5475 is broken next week….
To learn more about risk to reward scenarios and position sizing check out this great new article posted today: The Secret to Successful Forex Trading
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 mainly lower today against the other majors but it did manage to gain substantial ground on the Swiss franc and modest ground on the Japanese yen.
The Japanese yen was also very weak today, however it too manage to gain on the Swiss franc which was apparently today’s biggest FX session loser.
The Euro was also quite weak today, losing badly to the British pound and just barely holding its ground against the other majors except for a decent gain on the yen.
The Dow gained 102.32 points today, or 0.99 percent, the S&P 500 added on 8.99 points, or 0.82 percent, and the Nasdaq tacked on 23.58 points, or 1.05 percent.
Can Forex Trading be taught? – Many Traders Won’t Accept Help or Training. Many aspiring forex traders believe they do not need any outside help when learning how to trade the forex market. I call “an aspiring trader” anybody that is not yet a “Professional Trader”. Part of the allure of trading in general is the independent lifestyle and freedom that it can provide for you if you are successful at it, but to achieve this takes time, and knowledge, and that knowledge needs to come from somewhere. One negative aspect of the independent attitude
Continue Reading Can Forex Trading Be Taught?EURJPY intra-day pin bar setup
The 1 hour charts are not full of extremely accurate signals, but sometimes they do produce quality price action setups like the one we are looking at today in the EURJPY.
We can see in the 1hr EURJPY chart below a very well formed pin bar setup which showed rejection of a strong support area near 110.00.
Look at the daily chart below the 1hr chart to see the significance of this support near 110.00. The EURJPY has essentially been consolidating sideways on the daily chart, so the 1hr pin bar formation that occurred during today’s FX session had the weight of this strong level behind it.
1hr CHART:
DAILY CHART:
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 weaker today against most of the other major currencies with the exception of the Japanese yen, which it gained slight ground on.
The Japanese yen was weaker today against the other majors as stocks and commodities rose, risk appetite increased and so demand for the safe-haven yen decreased.
The Euro rose today, gaining modest ground on the British pound and the U.S. dollar.
The Dow added on 215.32 points, or 2.13 percent, the S&P 500 added on 24.61 points, or 2.30 percent, and the Nasdaq tacked on 54.34 points, or 2.48 percent.
USDCAD pin bar setup
The USDCAD formed a bullish pin bar setup today off support near 1.0350. This market has been consolidating sideways over recent weeks so this pin bar setup is not quite as valid as it would be in a strongly trending market; however it is very well defined.
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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 strengthened today. The greenback gained on all the majors except for the Swiss franc and Japanese yen. The Swiss franc has been performing very well against the other major currencies recently.
The yen gained against all the other major currencies today as equities and commodities sold lower and risk appetite diminished into the New York close.
The Dow lost 109.43 points, or 1.07 percent, the S&P 500 lost 13.90 points, or 1.28 percent, and the Nasdaq lost 35.16 points, or 1.58 percent.
NZDUSD weekly pin bar setup
The NZDUSD formed a weekly pin bar setup last week off resistance near 0.7300. Price is retracing to the upside currently, often times such retracements can work out as great entry opportunities with small risk and large rewards. To learn more about this retracement entry strategy check out my forex trading course.
Click the following link to learn about making forex trading decisions.
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 today, however it did gain substantially on the Japanese yen and modestly on the Euro.
The Japanese yen lost ground today to all the other major currencies, the Euro also faltered, losing to the U.S. dollar, British pound, Canadian dollar, and Australian dollar
The Dow ended the day up 75.53 points, or 0.74 percent, the S&P 500 ended up 12.22 points, or 1.14 percent, and the Nasdaq closed up 24.26 points, or 1.10 percent.
Gold fakey setup
Gold has recently formed a bearish fakey setup in the direction of the most recent bearish momentum which is evident on the daily chart.
We can see the clear break of the uptrend line which resulted as gold failed to make higher highs and thus broke lower. Currently the momentum is down in this market and that contributed to the validity of the fakey setup below.
Click the following links if you would like to learn about why you should trade a set and forget style of trading by waiting patiently for quality price action setups like the fakey in today’s gold chart, or to learn why less is more in forex.
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 ended the day mixed against the other majors; gaining ground on the Swiss franc, New Zealand dollar and British pound while remaining mostly unchanged against the other majors.
The Japanese yen also remained mostly unchanged against the other major currencies today.
The euro held its ground today, gaining again on the British pound and also posting a small gain on the U.S. dollar.
The Dow closed up 56.53 points, or 0.56 percent, the S&P 500 closed up 6.39 points, or 0.60 percent, and the Nasdaq gained 19.18 points, or 0.88 percent.
So you’ve been trading or researching the forex market for a while now, you wake up each day and the first thing you think about is how bad you want to be a trader. You’ve thrown a few grand (Few thousand $$) into your trading account that you convinced yourself was disposable income and have had varying degrees of success thus far. You haven’t exactly made any serious money yet because your account is still hovering around breakeven; you did have a few killer trades but quickly gave all of your profits back to the market.
Continue Reading Your Forex Trading Journey Starts Here . . .GBPJPY 4 hour pin bar setup
The GBPJPY fired off a very nice 4 hour pin bar signal on Friday near the strong horizontal resistance area of 135.50-136.00.
Although the 4 hour and daily time frames were both consolidating sideways recently, the broader term weekly trend was clearly down, so this 4 hour pin bar setup had the weight of the weekly trend behind it to confirm it as a valid and powerful setup.
Keen price action traders could have easily netted 2 or 3 times their risk on this quality price action setup.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Check out this great new article I recently posted on how “less is more” in forex trading: Forex Article
Commentary:
The U.S dollar stormed higher today, gaining ground on all the major currencies with the lone exception being the safe-haven Japanese yen.
The yen gained on every major currency today, including the U.S. dollar.
The euro held its ground fairly well today, only losing 22 pips to the greenback and gaining substantially on the British pound.
The Dow dropped 261.41 points, or 2.52 percent, the S&P 500 lost 31.60 points, or 2.88 percent, and the Nasdaq lost 70.03 points, or 3.11 percent.
GPBUSD 4hr chart Bullish Fakey Setup
The GBPUSD 4hr fakey setup we discussed in the commentary from Tuesday has shot even higher to the upside, providing about 400 pips of profit for traders that spotted the setup.
The 4 hour charts have been providing some quality price action setups across the various currency pairs recently.
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 mixed today, gaining on some currencies but losing substantially to others.
As of the end of the New York trading session, the greenback was down substantially to the British pound, Euro, Swiss franc, New Zealand dollar, and Japanese yen.
The greenback gained modestly on the Canadian dollar and slightly on the Australian dollar.
The Japanese yen was mixed today, gaining ground on the U.S. dollar, Australian dollar, Canadian dollar, and Swiss franc while losing to the British pound and euro.
The Dow closed down 7.41 points, or 0.07 percent, the S&P 500 gained 1.31 points, or 0.12 percent, the Nasdaq lost just 0.76 of a point, or 0.03 percent.
AUDUSD support and resistance levels
The AUDUSD had trouble breaking past the strong resistance area near 0.8850 today. Should this level break decisively to the upside we could see a strong push higher.
Alternatively, should price push lower off this level we see support coming in around 0.8550. Both 0.8850 and 0.8550 are significant areas to watch for price action setups near.
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 weaker against most of the other majors today as investors remained optimistic. The greenback did manage to gain slight ground on the Canadian dollar however.
The Japanese yen also regained some lost ground today, gaining on the U.S. dollar, Euro, Australian dollar, Canadian dollar, and Swiss franc.
The Dow added 3.70 points, or 0.04 percent, the S&P 500 lost just 0.17 of a point, or 0.02 percent, and the Nasdaq added 7.81 points, or 0.35 percent.
It is this “art” aspect of price action trading that really separates the pros from the amateurs in the forex market place. The reason being is that developing your discretionary price action forex trading skills is what allows you to identify a quality price action setup from one that is not as high probability of a setup.
Continue Reading Understanding Price Action Forex Trading4 hour GBPUSD fakey setup overnight
Overnight a well defined fakey setup formed on the GBPUSD currency pair. This market has basically been moving sideways in a trading range between about 1.4950 and 1.5200 for the last 2-3 weeks.
The price action fakey setup we are looking at in today’s chart formed off the bottom of this range, showing rejection of support near 1.4950 and making a sharp move back towards resistance near 1.5200
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 weaker today as equities and commodities strengthened on the back positive earnings reports. The greenback did manage a slight gain against the Japanese yen however.
The yen lost ground to all the other major currencies as risk appetite returned after positive earnings outlooks from major companies on Wall Street.
The Dow gained 146.75 points, or 1.44 percent, the S&P 500 rose 16.59 points, or 1.54 percent, and the Nasdaq rose 43.67 points, or 1.99 percent.
USDCHF weekly support level price action
Today we are taking a look at the weekly chart of the USDCHF in order to illustrate how often and precisely price sometimes respects support and resistance levels.
Notice that price has recently bounced off the very strong 1.0500 resistance area. While this most recent bounce did not form a strong price action signal, we can see in the chart below that there have been some very powerful pin bar setups near this 1.0500 level over the past couple years. Price action on weekly charts at horizontal levels is extremely powerful.
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 higher today against the other majors. The greenback gained on the Euro, British pound, Swiss franc, Canadian dollar, and Australian dollar.
The U.S. dollar lost modest ground today to the New Zealand dollar and to the Japanese yen.
The Japanese yen was the big winner today, gaining modestly on all the major currencies except for a slight loss to the New Zealand dollar.
The Dow tacked on 18.24 points, or 0.18 percent, the S&P 500 added just 0.79 point, or 0.07 percent, and the Nasdaq added 1.91 points, or 0.09 percent
This article is going to explore a topic/emotion that every trader experiences on a daily basis. “Making forex trading decisions” – “to trade or not to trade”.
Continue Reading Making Forex Trading DecisionsAUDJPY 4 hour price action
The AUDJPY 4 hour chart recently formed some very solid counter-trend price action. We don’t typically advise traders trade against the market momentum, but this recent setup in the chart below had a few things going for it.
Notice the first pin bar, this setup was a solid pin bar, however it was against the negative market momentum, so it was not the strongest setup. Once the 2-bar reversal formed at this same support level however, the pin bar setup had “confirmation” that price was likely to move higher, 72.65 has proved to be a very strong support in the recent past. This is just one way that traders can effectively use price action to trade counter-trend if there are no obvious setups with the dominant trend direction.
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 higher today along with gold as investors are still cautious in the run-up to the earnings season in stocks, gold rallied more than 1 percent today. Crude oil ended above $76 today and gained 5.5% for the week.
The euro fell lower against the U.S. dollar as investors closed out winning positions from the rally that took the euro to its highest level in over two months.
Lingering worries about the strength of the euro-zone economy also contributed to the euro weakness today and its inability to rally above resistance near 1.2700.
The U.S. dollar index was up 0.18 percent against a basket of other major currencies.
The Dow added 59.04 points, or 0.58 percent, the S&P 500 tacked on 7.71 points, or 0.72 percent, and the Nasdaq gained 21.05 points, or 0.97 percent.
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