Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
A brief introduction to forex charting: The following article will give you a very basic introduction into the world of forex charting. It is designed for people with no prior charting knowledge and also for those who would like a quick reference guide or a refresher on the basic chart types that we use in forex. Since reading charts is the basis of what we do here at Learn To Trade , we need to start from a solid foundation and get the basics of charting out of the way. This material will give you the necessary information you will need to make sense out of my forex trading course. So let’s get started with our first lesson.
Continue Reading Forex Charts – Introduction to Forex ChartingEURUSD at significant level
The EURUSD has shown rejection of the very significant long-term horizontal level near 1.3260, this level will either be the trigger for higher prices or for resistance. As evidence in the zoomed out daily chart below is showing, this level has proved to be strong in the past.
The uptrend is still intact in this pair but we would caution taking fresh longs until this market decides if it wants to rotate lower or resume the uptrend.
UPDATE: Price broke up above 1.3260 today.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
GBPJPY update:
The GBPJPY pin bar setup posted in yesterday’s commentary did not end up working out. Win some and lose some, the setup was valid however the tail of the pin bar was very short which worked to lower the probability of the setup.
Commentary:
The U.S. dollar was mixed today, gaining on the Australian dollar and New Zealand dollar while posting modest losses to the other majors.
The Japanese yen regained strength today against the other majors except for a very small loss to the Swiss franc.
The Dow closed down 5.45 points, or 0.05 percent, the S&P 500 dropped 1.43 points, or 0.13 percent, and the Nasdaq dropped 10.51 points, or 0.46 percent.
GBPJPY pin bar with bullish momentum
The GBPJPY has formed a small bullish pin bar from a key level today in the direction of the recent bullish momentum.
Price has consistently maintained itself above the 8 day EMA for last 9 trading sessions. In today’s chart we can see the pin bar is showing bullish rejection of the support level near 135.80 and the 8 day EMA, this confluence is indicating another move to the upside is possible.
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 against the Swiss franc, British pound, Euro, and Japanese yen while posting losses to the other majors.
The Dow rose 44.05 points, or 0.41 percent, the S&P 500 gained 6.78 points, or 0.61 percent, and the Nasdaq added 20.05 points, or 0.88 percent.
GBPUSD inside bar in uptrend
The GBPUSD inside bar setup we posted in the commentary from 7/23 has since pushed dramatically higher, netting keen traders some serious pips. The pair has pushed up nearly 700 pips higher since the high of the inside bar broke up on 7/23.
Click here for a forex trading video on inside bars.
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 weaker again today, although it did hold its ground much better than yesterday. The greenback lost to the British pound, Euro, Japanese yen, and New Zealand dollar while gaining slightly on the Australian dollar and Canadian dollar.
The Dow lost 38.00 points, or 0.36 percent, the S&P 500 dropped 5.40 points, or 0.48 percent, and the Nasdaq dropped 11.84 points, or 0.52 percent.
EURUSD inside bars and GBPJPY pin bar
The EURUSD broke higher today off the inside bar setup from Friday. Last Wednesday we discussed the possibility of the inside bar that formed on that day breaking higher as a trend continuation signal.
Price has since broken higher from both of these inside bars providing a high probability entry with a great risk to reward setup.
The inside bar setup from last Friday was discussed in our member’s area where we go more in-depth and cover price action setups in the popular currency pairs every day. To learn more click here: member’s section.
GBPJPY
The GBPJPY formed a bullish rejection pin bar setup last Friday that shot higher today and broke through resistance near 136.00. Notice also the pin bar showed rejection of the Fibonacci 50% level which added further confluence to this 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 lost significant ground today to all the majors except the Japanese yen which it managed to squeak out a 10 pip gain against.
The British pound was very strong today, gaining about 200 pips on the U.S. dollar.
The Dow closed up 208.44 points, or 1.99 percent, the S&P 500 rose 24.25 points, or 2.20 percent, and the Nasdaq added 40.66 points, or 1.80 percent.
AUDUSD support and resistance levels
The AUDUSD ended the week just below the resistance near 0.9070. Should price push higher into next week we may see a breakout above this resistance and another leg higher.
Alternatively, should price repel lower off resistance near 0.9070, a move back into support near 0.8870 would not be a surprise.
Momentum has definitely been to the upside in this currency pair over the course of the last month.
To learn about why you need a trading plan and how to get started building your own, please see the latest article in my strategies section: Develop your own Forex Trading Plan
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 on Friday, gaining modestly on the Euro and Swiss franc, while losing ground to the British pound, Australian dollar, New Zealand dollar, Canadian dollar and Japanese yen.
The dollar hit its lowest level since November against the Japanese yen as data showing U.S. GDP slowed in the second quarter which reinforced expectations for low U.S. interest rates well into next year.
The Dow lost 1.22 points, or 0.01 percent, the S&P 500 added 0.07 point, or 0.01 percent, and the Nasdaq rose 3.01 points, or 0.13 percent.
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