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Forex Trade Setups Commentary:
EURJPY bullish fakey setup update
The EURJPY bullish fakey setup we discussed in yesterday’s commentary has come off nicely to the upside today. Resistance sits close over head near 113.00. This was a price action trading-range setup, a more advanced technique that we do not typically advise beginning traders utilize, however it can be very accurate when used with the appropriate discretion.
Also notice the pin bar that formed after the fakey, this “confirmed” the fakey setup to some degree.
To learn more about how to properly use the fakey setup, check out some of my forex trading videos.
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 lower again today against most other major currencies as investor risk appetite continued across global markets.
The greenback did however make small gains against the British pound as the GBPUSD remained range bound; the greenback also gained substantial ground on the Japanese yen as the yen moved lower across the board to the other majors.
The Dow rose by 120.71 points, or 1.20 percent, the S&P 500 rose by 9.98 points, or 0.94 percent, and the Nasdaq was up today by 15.93 points, or 0.74 percent.
This Video shows some of my recent ‘Forex Fakey’ Trade Setups as well as an explanation of my money management and risk control with price action setups.
View My Last 3 ‘Forex Fakey’ Trade Setups VideoEURJPY bullish fakey setup
The EURJPY formed a bullish fakey setup off support yesterday; today the pair formed a bullish pin bar adding further validity to the fakey from yesterday. Resistance is not significant until about 113.00, so this pair could push higher off this recent price action before rotating back down.
This setup is counter to the dominant weekly and daily downtrends; we do not advise beginning traders’ trade against the trend.
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 with the exception being a modest gain on the Japanese yen. The yen lost ground to all the other major currencies today as risk appetite returned to global financial markets.
The Australian dollar, New Zealand dollar, and Canadian dollar performed especially well today.
The Dow rose 274.66 points, or 2.82 percent, the S&P 500 rose 32.21 points, or 3.13 percent, and the Nasdaq added 65.59 points, or 3.13 percent.
Forex Trade Setups Commentary:
USDJPY inside bars and AUDUSD update
The USDJPY has formed consecutive inside bars recently which have broken out to the downside. The trend is down in this pair.
Inside bars can be a great trend-resumption tool, yet they are also seen at many major market turning points. The fact that these 2 inside bars formed just under resistance hints that lower prices are possible in the near-term.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
AUDUSD:
The AUDUSD put in a rather volatile day today, trading lower by about 102 pips before shooting higher to close up about 133 pips. The bearish pin bar setup from Friday ended up not working, they don’t all work, the setup was solid though.
Commentary:
The U.S. dollar was weaker today, losing ground to all the major currencies in what was a choppy trading session.
The British pound was relatively weak today, only gaining about 14 pips on the U.S. dollar. The euro was a bit stronger, gaining about 88 pips on the dollar.
The Dow rose 56.99 points, or 0.59 percent, the S&P 500 added 5.47 points, or 0.53 percent, and the Nasdaq added 2.09 points, or 0.10 percent.
Forex Trade Setups Commentary:
NZDUSD and AUDUSD bearish pin bar setup
Last Friday in the commentary we posted up a well-formed NZDUSD bearish pin bar setup. The setup has followed through today with another bearish pin bar, indicating the setup may indeed cause prices to rotate lower in the near-term.
AUDUSD:
The AUDUSD formed a nearly identical bearish pin bar setup on Friday to the NZDUSD setup. We originally posted this setup up in addition to the NZDUSD setup over in the member’s commentary last Friday.
Click here for some great free forex trading videos to gain a better understanding of how to trade the pin bar setup.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
Currency markets were open today in the other major financial centers around the world excluding the U.S. for Independence Day.
The Swiss economy continues to hold strong with a better than expected retail sales report released today.
The FX markets were rather subdued today without major U.S. institution trading; however we did see the U.S. dollar and Japanese yen strengthen modestly.
Last week, the Dow fell 4.5 percent, the S&P lost 5 percent and the Nasdaq shed 5.9 percent.
NZDUSD bearish pin bar setup and GBPUSD 4hr price action
The NZDUSD formed a bearish pin bar setup on Friday which is showing rejection of a previous resistance level near 0.7000. Should the pair begin to push lower off this pin bar setup there is not much support until around 0.6600.
Click here for some great free forex trading videos to gain a better understanding of how to trade the pin bar setup.
GBPUSD:
The 4 hour GBPUSD chart has provided some good price action entries into the recent bullish run this pair has experienced.
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 fell on Friday to the British pound and Euro, but managed to gain back some of its lost ground to the rest of the majors as the New York session ended.
The greenback managed to gain slight ground on the Australian and New Zealand dollar, Canadian dollar, Japanese yen and Swiss franc.
The Dow lost 46.05 points, or 0.47 percent, the S&P 500 lost 4.79 points, or 0.47 percent, and the Nasdaq lost 9.57 points, or 0.46 percent.
Mastering one’s emotions is the single most essential factor in determining whether or not you become a consistently successful forex trader. This article will provide you with some useful insight into how you can start mastering your emotions and get on the track to successful forex trading…
Continue Reading Forex Trading Success Comes From WithinUSDJPY inside bar with trend and Gold update
The USDJPY has been in a rather strong down-trend recently and yesterday we posted this inside bar setup that formed just above support over in our member’s forum.
Today the setup came off to the downside and broke through and closed below the significant support level near 88.00. The next major support occurs near 84.75-85.00
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:
The 4 hour gold pin bar setup discussed in yesterday’s commentary did not end up coming off with the dominant uptrend as expected. Gold was apparently a bit over-bought and once it got rolling to the downside the bears stepped in and the metal lost over $40 an ounce.
Every trading method has losing trades, we aren’t pulling any punches here or doctoring our commentary, you only get real honest analysis of solid price action setups here at learn to trade the market.
Commentary:
Investor attention appeared to move away from euro-zone debt to U.S. economic data pointing to a slowing recovery as the euro rose over 2% against the U.S. dollar.
The greenback lost to the other major currencies as well in what was a rather volatile trading session. The British pound and the euro both gained substantial ground on the greenback, as did the yen and Swiss franc.
In what was a rather strange trading day, gold sold off substantially, losing over $40 an ounce, even amongst intense U.S. dollar weakness. Often time gold and the U.S. dollar move inversely of each other due to the greenback’s status as a safe-haven currency, today’s price action highlights the fragility of the U.S. economy and the fact that global economic variables are changing.
The Dow dropped 41.49 points, or 0.42 percent, the S&P 500 lost 3.33 points, or 0.32 percent, and the Nasdaq lost 7.88 points, or 0.37 percent.
4 hour pin bars with the gold uptrend
We have been dissecting the daily gold chart a lot recently due to the strong uptrend it has formed and the numerous excellent price action signals that have allowed traders to enter very accurately into this trend.
The 4 hour chart has also been providing some very decent price action setups recently. Most recently there is another set of back to back bullish pin bars that have formed just off the daily up trend line that are threatening to push prices higher yet again. We will follow this setup and update it as it plays out. Price action trend trading with gold has been extremely lucrative lately.
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 on most of the other major currencies today except for slight losses to the Japanese yen and Euro. The euro strengthened on the back of a weakening pound which caused the EUR/GBP to strengthen along with the other euro pairs.
The Japanese yen gained substantial ground today again as equities pushed lower again and risk appetite waned.
For the quarter the S&P 500 dropped 12 percent, the Dow lost 10 percent, and the Nasdaq lost 12 percent as worries about European debt and the sustainability of the U.S. economic recovery caused investors to retreat from the peak hit back in April.
The Dow lost 96.28 points today, or 0.98 percent, the S&P 500 lost 10.53 points, or 1.01 percent, and the Nasdaq lost 25.94 points, or 1.21 percent.
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