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PRICE ACTION FOREX TRADING COURSE
Gold formed an inside bar today in the context of the recent bullish momentum. We have pointed out some of the other recent price action setups that have worked out nicely on the daily chart of gold below.
The inside bar setup that formed today could provide traders with a low-risk entry into this recent up move, however we would need to see a break of the mother candle high near 1242.15 to initiate any new long positions.
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 and Japanese yen strengthened today on the back of renewed risk aversion due to concerns over the pace of the global economic recovery.
The yen was the big winner today, beating out all the other majors including the U.S. dollar.
The Dow lost 140.92 points, or 1.39 percent, the S&P 500 dropped 15.67 points, or 1.47 percent, and the Nasdaq lost 33.66 points, or 1.56 percent.
Risk appetite returned today to the forex market as investors bought up beaten down securities which they viewed as slightly undervalued after a string of losses over recent weeks. This caused the various currency pairs to reverse direction and rally sharply.
Our commentary yesterday which included a discussion of the GBPJPY and AUDUSD having the potential to fall lower ended up not playing out as a result of this strong counter-trend rally. We still remain actively looking to sell strength in many of the currency pairs as we view this recent up-move as a simple counter-trend rally.
Into the next trading week we would look for bearish price action setups forming in the midst of this recent strength and would look to be sellers if we get a well defined price action setup at a confluent level.
Not every trade setup works out, not matter what method you employ, here at LTTTM we feel it is important to show our wins as well as our losses, even though we are NOT a signal service. Given the recent profitable price action setups we have discussed in the daily commentary it is obvious that keen traders could have still made a handsome profit this month even enduring a couple losses.
AUDUSD 4hr:
Check out these links for some of our recent August commentary on profitable price action setups:
Gold and GBPUSD recent price action setups
EURUSD inside bar at major turning point
USDCAD profitable 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:
The U.S. dollar and Japanese yen gave up early session gains today as bargain hunting investors jumped in to scoop up beaten down currencies and other securities.
The Dow gained 164.84 points, or 1.65 percent, the S&P 500 added 17.37 points, or 1.66 percent, and the Nasdaq added 34.94 points, or 1.65 percent.
GBPJPY:
The GBPJPY rotated higher over the last 24hrs along with most of the other major currency pairs. We have seen a rejection of these higher prices into today’s New York close, an indication that the bears are still in control here and we would look for a possible further decline from current prices.
In today’s daily chart of the GBPJPY we can see clear rejection of resistance near 132.00 and the 8 day moving average which resulted in a small pin bar rejection candle. Support comes in between 128.00-127.00.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex price action trading course.
AUDUSD:
The AUDUSD 4hr chart fired off a clean bearish pin bar rejection candle today as prices pushed higher and then quickly got sold lower as resistance was hit near 0.8920.
This market has been weakening over the last few weeks, so this price action setup was in line with recent bearish tone of the market. Support is seen next near 0.8630 on the daily chart.
Commentary:
The U.S. dollar lost modest ground today to the other major currencies but managed to recoup much of its early session losses as the New York trading session closed out.
The Japanese yen also recouped much of its early session losses against the other majors as the New York session drew to close as a result of waning risk appetite.
The Dow lost 74.25 point, or 0.74%, the S&P 500 dropped 8.11 points, or 0.77%, and the Nasdaq lost 22.85 points, or 1.07%.
GOLD:
In yesterday’s gold commentary we discussed the large pin bar that formed off support near 1210.00.
Today price has pushed higher off this well defined pin bar setup and it looks to be building positive momentum.
For more information on trading price action with the gold market click here: Price action trend trading with Gold.
GBPUSD:
In our last GBPUSD commentary we discussed the small pin bar setup that formed showing rejection of the 8 and 21 day EMA.
Price has since come off to the downside providing traders with a nice entry into this weakening market.
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 but only modestly. The greenback did manage to grind out a modest gain on the New Zealand dollar with a larger gain coming against the Japanese yen.
The Japanese yen gave up some of yesterday’s big gains against the other majors today, however the yen still remains strong against most of the other majors.
The Dow gained 19.38 points, or 0.19 percent, the S&P 500 added 3.47 points, or 0.33 percent, and the Nasdaq added 17.78 points, or 0.84 percent.
GOLD pin bar:
Gold formed a large bullish pin bar setup today showing rejection of support near 1210.00-1215.00. With this pin bar having a rather long lower tail it is possible that will price will retrace a portion of the tail’s length before / if it ultimately moves higher as a result of this rejection candle.
Should price move higher off this pin bar setup we see resistance coming in near 1260.00-1265.00.
AUDJPY inside pin bar:
Price moved dramatically lower today in the AUDJPY after an inside pin bar combo that formed yesterday in the course of the weakening momentum in this market. Note how price moved down into the next major support near 73.60.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
Today’s big winners in the forex market were the safe haven currencies. The U.S. dollar, Japanese yen, and Swiss franc strengthened as investors looked to liquidate riskier positions on the back of another round of poor U.S. economic data.
The U.S. dollar was mostly stronger today but lost ground to the Japanese yen and Swiss franc. The Japanese yen strengthened across the board with the Swiss franc coming in a close 2nd place.
Gold also strengthened today after an early session move lower, the metal formed a rather convincing bullish pin bar on the daily chart today.
The Dow lost 133.96 points, or 1.32 percent, the S&P 500 dropped 15.49 points, or 1.45 percent, and the Nasdaq lost 35.87 points, or 1.66 percent.
Our last commentary on the GBPUSD discussed the significance of support near 1.5500. This support level has shifted down to around 1.5470 as the market is beginning to weaken further.
We can see on the daily chart below today’s price action formed a small bearish pin bar showing rejection of the 8 and 21 day moving averages which are about ready to cross lower indicating negative momentum is increasing in this market.
A decisive break past 1.5470 could lead to prices falling lower into support near 1.5250 before we see an upside correction take hold.
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 dollar strengthened against major currencies, including the euro, which was further hurt by poor European economic data and prospects of loose monetary policy for a longer period in the region.
Crude oil prices fell 72 cents or 0.98 percent to $73.10 a barrel, this was the lowest close since July 6th, as a stronger dollar made it more expensive for investors using other currencies to buy crude.
The Dow lost 39.21 points, or 0.38 percent, the S&P 500 dropped 4.33 points, or 0.40 percent, and the Nasdaq dropped 20.13 points, or 0.92 percent.
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Continue Reading 4 Easy Ways to Build your Forex Trading AccountThe EURUSD has been steadily losing ground over the last 2 weeks and appears to be susceptible to further declines over the coming weeks.
We can see in the monthly, weekly, and daily charts below the 8 and 21 moving averages are now crossed lower on all 3 time frames. This market has the potential to move lower and re-test support near 1.1875 before we see another substantial leg higher.
There obviously is no guarantee that price will indeed move all the way to 1.1875, but given the current bearish picture of the EURUSD it seems logical to only trade bearish price action setups until we see clear signs of the bulls regaining control in this market.
MONTHLY
WEEKLY
DAILY
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 strong on Friday, gaining against all the other majors except for a break-even performance against the New Zealand dollar which remained relatively buoyant.
The Dow dropped 57.59 points, or 0.56 percent, the S&P 500 lost 3.94 points, or 0.37 percent, and the Nasdaq gained 0.81 points, or 0.04 percent.
The daily chart of the AUDJPY has provided a couple very nice price action setups lately. We can see in the chart below a pin bar and inside bar setup that formed within the last 5 trading days. The inside bar setup was posted in our member’s commentary yesterday before it came off to the downside.
These price action setups developed just below the solid resistance level near 77.60 and occurred within the context of a weakening market, both of these factors added confluence to the setups. We see support coming in near 74.60.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
Investors flocked to safe havens like the U.S. dollar, Japanese yen and Swiss franc today in the currency markets on signs the global economy is stalling. Gold rose for the sixth consecutive day.
The Dow lost 144.33 points, or 1.39 percent, the S&P 500 dropped 18.53 points, or 1.69 percent, and the Nasdaq lost 36.75 points, or 1.66 percent.
The GBPUSD held support at 1.5500 today creating a false break of Tuesday’s inside bar in the process.
1.5500 is a strong support level as evidence in the chart below suggests. As such, this level will be very important in determining the near term fate of the GBPUSD. Currencies are in “hurry up and wait” mode as there is not much else going on currently.
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 modest ground on the Australian dollar and Euro, while losing to the other majors.
The Dow rose 9.69 points, or 0.09 percent, the S&P 500 added 1.62 points, or 0.15 percent, and the Nasdaq added 6.26 points, or 0.28 percent.
Gold cleared the $1215.00 level today and the trend remains strong. We would look to buy pullbacks on weakness, looking for retracements to enter long again. Another buy signal similar to the one in our previous gold commentary would be nice.
Gold has been a strong performer recently and we see the $1200-1205.00 area as being a strong level now and one to watch for price action setups at.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Japanese Yen:
The JPY pairs are appearing weak lately as the Yen is continuing to strengthen, as such strength seems to be a selling opportunity now in these pairs, pending a solid price action setup.
Not a lot of setups today, for now we are sitting on the sidelines and just marking our levels and watching closely.
Commentary:
The U.S. dollar was weaker today as its recent bullish run took a breather. The Japanese yen regained strength and rose against all the other majors today.
The gold fakey from last week continued to push to the upside today, 1200 is now a support level to watch to get long from again.
The Dow lost 9.69 points, or 0.09 percent, the S&P 500 dropped 0.60 point, or 0.06 percent, and the Nasdaq lost 8.13 points, or 0.37 percent.
NZDUSD:
The NZDUSD formed a very decent 4hr pin bar sell signal on Friday in the context of the bearish market momentum.
Notice how this pin bar had confluence with a significant resistance level.
Check out this great new article about the psychology of trading.
GBPUSD:
The GBPUSD is nearing a very significant support level around 1.5470; this level has proved strong in the past and will influence the path of this currency pair over the upcoming week.
Traders should keep a close watch on this level for price action setups and to see if the level holds or breaks and causes a cascade of lower prices or a possible bounce higher.
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 on Friday, the dollar gained ground on all the majors except for a small loss to the British pound and Canadian dollar.
The Dow lost 16.80 points, or 0.16 percent, the S&P 500 dropped 4.36 points, or 0.40 percent, and the Nasdaq shed 16.79 points, or 0.77 percent.
A video of Trading False Break Pattern in Forex market, often these false moves create huge profits, a serious forex strategy worth learning
View Trading False Break Patterns in Forex VideoToday, We touch again upon that never-ending debate, particularly amongst newer traders, about the role of psychology in becoming a profitable and successful trader. How much does it play a role in trading? Some argue it plays no role and that all that needs to be followed are one’s trading signals. Others swear that it’s role is 80-90%. How these percentages are calculated or how accurate they are is irrelevant. The truth is, psychology can make or break you.
Continue Reading The Psychology of Becoming a Profitable Forex TraderGold fakey / pin bar update, NZDUSD pin bar
GOLD:
The fakey / pin bar setup we discussed in the commentary from 8/10 has pushed higher today breaking the mother bar high and triggering the fakey setup.
Traders who entered on the retracement yesterday should have gotten a very solid entry with a risk to reward of at least 1:2. This setup came very near to breaking past the low of the pin bar candle but never did. This is why it is best to let the market take you out and not exit on emotion.
Trading off price action with a set and forget trading style is one of the most stress free and accurate ways to trade the forex market.
NZDUSD:
Check out the great pin bar setup at resistance that we discussed in the commentary from 7/29. Price retraced after we posted this commentary but provided a 2nd entry opportunity for those traders that missed the initial sell signal.
Price has since come off aggressively to the downside netting traders some serious pips. This setup was posted up in our member’s commentary the very day it closed out, giving our members first notice to yet another high-probability price action setup.
Learn more about how to properly enter pin bar setups on retracements of the pin bar in my forex trading course.
Commentary:
The U.S. dollar was mixed today one day after it experienced significant strength. The greenback gained modestly on the Japanese yen, British pound, Euro, Australian dollar, and New Zealand dollar, while losing modestly to the Canadian dollar and Swiss franc.
On Wall Street today stocks were lower for the third day in a row as an unexpected rise in jobless claims and a sobering outlook from Cisco rattled investors nerves and confidence in the economic recovery.
The Dow lost 58.88 points, or 0.57 percent, the S&P 500 dropped 5.86 points, or 0.54 percent, and the Nasdaq dropped 18.36 points, or 0.83 percent.
USDCAD pin bar update and EURUSD inside bar update
USDCAD:
Today the USDCAD stormed higher, gaining about 150 pips in the process. We can see the catalyst for this recent bullish move was the pin bar reversal candle that formed off support on August 5th.
In the original USDCAD commentary regarding this pin bar setup we discussed the possibility of prices pushing higher still. Our member’s got first notice of this bullish pin bar setup the day it formed in the member’s commentary.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
EURUSD:
In the commentary from 8/9 we discussed the possibility of lower prices as a result of this EURUSD inside bar near the strong resistance area at 1.3260.
Prices have come off substantially lower today and the EURUSD lost around 300 pips. Inside bars are great traded with the trend but they often can signal major reversals as we can see in the chart below.
Commentary:
The U.S. dollar was significantly stronger today along with the Japanese yen. The greenback gained ground on all the majors except the Japanese yen.
The Japanese yen was today’s big winner, dominating all the other majors and moving to a 15-year high against the U.S. dollar.
The Dow fell more than 240 points and all the major indexes fell more than 2 percent.
Gold pin bar / fakey setup
Gold formed a rather strong looking bullish pin bar which signals lower prices have been rejected and a possible leg higher.
There is also a fakey in the making here but to trigger the fakey price needs to move higher and take out the high of the mother candle.
Gold has been on a bullish swing since bouncing off support near $1155.00 on July 28th. The weekly chart is still in an uptrend and the daily and 4 hour chart appear to be gaining steam to the upside once again, if the there is bullish follow through we may see another nice move to the upside.
Price action trend trading with gold has paid off very well recently and today’s pin bar / fakey setup could be the catalyst for another leg higher.
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 moved higher today but gave up much of its early session gains late in the trading day as the Federal Reserve said it would take new steps to counter a weak recovery.
The Dow lost 54.50 points, or 0.51 percent, the S&P 500 dropped 6.73 points, or 0.60 percent, and the Nasdaq lost 28.52 points, or 1.24 percent.
EURUSD inside bar at resistance
The EURUSD formed an inside bar today just underneath resistance at 1.3260. This inside bar did indeed form in the context of the daily uptrend, so we would have to assume that it might break higher and lead to higher prices.
However, a look at the weekly chart will show just how significant the resistance is near 1.3260. Thus, today’s inside bar price action setup could lead to lower prices given where it is located. This would be a counter-trend setup and therefore is not recommended to inexperienced traders. Inside bars do occur relatively frequently at major market swing points.
Weekly chart of EURUSD:
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 back some lost ground today against the other majors, rising against the Euro, British pound, Australian dollar, New Zealand dollar, Swiss franc, and Japanese yen, while remaining basically unchanged against the Canadian dollar.
The Dow rose 45.26 points, or 0.42 percent, the S&P 500 rose 6.12 points, or 0.55 percent, the Nasdaq added 17.22 points, or 0.75 percent.
Dont Trade The News – Trade Price Action
Many traders get stuck in the trap of trading the news by over analyzing every single economic report that comes out and trying to guess what the market will do in response to it. It is very easy to develop this bad habit if you do not have a clear understanding of why trading the news is dangerous and essentially pointless. If you are basing your trading decisions off what you think will happen after an economic report comes out than you are just guessing and really have no better chance at a winning trade than if you were to flip a coin. Let’s discuss the reasons why trading the news can be one of the worst things you can do for your trading account.
Continue Reading Dont Trade News – Trade Price Action InsteadUSDCAD bull pin bar off support
On Thursday the USDCAD formed a bullish pin bar showing rejection of the support level near 1.0100.
As we can see in the chart below this level gave rise to a very strong pin bar / fakey setup back in May which worked out very well, which meant this level was a significant one to watch. We posted up this great USDCAD pin bar setup in the member’s commentary very soon after the pin bar closed out on Thursday.
Price has also formed a bullish rejection bar on the weekly which may give rise to higher prices this upcoming trading week.
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 on Friday mostly lower against the other majors but did manage to grind out a very solid gain against the Canadian dollar after a very disappointing Canadian employment report.
The Dow lost 21.42 points, or 0.20 percent, the S&P 500 dropped 4.17 points, or 0.37 percent, and the Nasdaq lost 4.59 points, or 0.20 percent.
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