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PRICE ACTION FOREX TRADING COURSE
The EURJPY is nearing a strong resistance around 114.80. This resistance area will be pivotal in determining the near-term fate of this currency pair. A rejection of this resistance could lead to a substantial rotation lower as there is not much support until about 109.50. Alternatively a breakout above this resistance would likely result in another leg to the upside.
Traders should keep a keen eye for valid price action setups near 114.80.
The AUDJPY is also sitting just under a critical resistance area near 81.40. This level will be pivotal in determining which direction this currency pair heads to close out this week and into the next. Keep an eye out for any strong price action signals near this level.
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 dropped to a 5-month low against the euro today on the back of increasing expectations that central banks will step up monetary stimulus to support fragile economies, this also helped gold extend its recent record breaking rally.
Chief currency strategist Brian Dolan of Forex.com said, “The dollar currently is in a ‘lose-lose’ situation where if U.S. data is disappointing, it increases the prospects of Fed easing, and that weighs on U.S. rates and the dollar, if the U.S. data comes in better than expected, then risk is back on, then the dollar is shunned as a safe-haven currency”
The Dow dropped 22.86 points, or 0.21 percent, the S&P 500 lost 2.97 points, or 0.26 percent, the Nasdaq dropped 3.03 points, or 0.13 percent.
Forex Trade Setups Commentary: Gold and EURJPY fakey
Gold:
Gold put in a massive false break / fakey pattern in the course of today’s price action. Note how the candle’s lower tail showed rejection of the recent intra-day support level near 1283.00 before quickly reversing higher and hitting nearly 1310.00 an ounce.
This is yet one more powerful example of price action trend trading with gold.
EURJPY:
EURJPY formed a normal fakey today in comparison to the one we saw in Gold. We may see price push up towards resistance near 114.80 from here. We would need to see a strong break above this resistance level for a major breakout to occur.
Note how the fakey’s low moved down to the 8 day moving average before rejecting price and pushing higher, in-line with the dominate uptrend.
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 euro gained ground against both the U.S. dollar and the British pound today as speculation escalated that the U.S. and British central banks would pump more money into their anemic economies; this process is known as quantitative easing. This sent the euro surging to a 5-month high against the greenback and to a 4-month high against the British pound.
Elsewhere, gold rose to $1,310 an ounce and silver hit a 30-year high as the appeal of the save-haven precious metals’ got boosted even further by weak U.S. consumer confidence and home prices.
The Dow added 46.10 points, or 0.43 percent, the S&P 500 added 5.54 points, or 0.49 percent, and the Nasdaq gained 9.82 points, or 0.41 percent.
Forex Commentary: EURUSD support level
The EURUSD has experienced a very strong bullish move over the last 2 weeks. We may see this market rotate lower into support before it makes another substantial push higher.
Should this rotation occur we are keeping an eye on the strong horizontal area near 1.3300 for bullish price action setups to form and provide an entry signal back into the uptrend. We can see the confluence of this support from the August highs near 1.3300 that have flipped to support as well as the 8 day moving average.
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 reclaimed slight ground today against some of the other majors; the greenback rose marginally on the British pound, Euro, Canadian dollar, Japanese yen, and Swiss franc, while losing marginally to the Australian and New Zealand dollar.
Overall, today was a very quiet day in the forex markets as traders saw little reason to extend existing trends or take counter-trend positions
The Dow lost 48.22 points, or 0.44 percent , the S&P 500 dropped 6.51 points, or 0.57 percent, and the Nasdaq dropped 11.45 points, or 0.48 percent.
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Continue Reading How Price Action Trading Can Cure Emotional Trading ProblemsThis past week saw some pretty solid looking counter-trend price action setups form. Most of these setups did not end up working out due to the strength of the underlying trend. I thought it would be a good idea to use this week’s price action as a lesson in why trading against the trend is almost always a bad idea.
Continue Reading Recent Examples of Failed Counter-trend Trades and why it is always Better to Trade with the Trend. 9-25-10The GBPJPY inside bar setup discussed in yesterday’s commentary has come off to the upside into the week’s close. Price could drift higher into the mid 134.00-135.00 from here.
The GBPUSD broke above resistance near 1.5740 today. This breakout looks strong and a move back up to retest 1.6000 is possible, a rotation lower back down towards 1.5740 could be viewed as a possible buying opportunity pending price action, as this level will likely become solid support.
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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 lost ground today to the other majors as risk appetite improved on the back of positive economic data.
The Japanese yen also weakened today but still managed to gain some modest ground on the U.S. dollar and Swiss franc which were today’s weakest currencies.
The Dow rose 197.84 points today, or 1.86 percent, the S&P 500 added 23.82 points, or 2.12 percent, the Nasdaq rose 54.14 points, or 2.33 percent.
The GBPJPY formed an inside bar today just above support near 131.50-132.00. We can see in the chart below that this is a very significant level that has held strong numerous times in the past. To the upside we see resistance coming in around 135.00
Inside bars often will form at major swing points like the support level in the chart below providing great risk to reward opportunities.
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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 reclaimed some of its recently lost ground today against the other majors. The greenback gained modestly on the Australian dollar, Euro, New Zealand dollar, and Canadian dollar, while losing modest ground to the other majors.
Gold climbed to near $1,300 an ounce today, and ended higher for the fourth day in a row.
The Japanese yen gained ground against the other majors today and the USDJPY moved to its lowest level since last week’s intervention.
The Dow lost 76.89 points, or 0.72 percent, the S&P 500 dropped 9.45 points, or 0.83 percent, and the Nasdaq lost 7.47 points, or 0.32 percent.
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Continue Reading How To Improve Your Forex Trading Success in 7 Simple StepsThe EURJPY formed a very decent 4 hour fakey / pin bar combo setup recently that was in-line with the bullish momentum.
We posted this setup in the member’s forum shortly after it closed out which gave keen traders a chance to jump aboard the uptrend here.
For more examples of the fakey and pin bar click here: fakey and pin bar setups.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
Gold hit a record high today on expectations that the U.S. government stimulus would work to quicken inflation.
The U.S. dollar was mostly lower today against the other majors with the exception being the Canadian dollar which lost modest ground to the greenback.
The Dow lost 21.72 points, or 0.20 percent, the S&P 500 lost 5.5 points, or 0.48 percent, and the Nasdaq dropped 14.80 points, or 0.63 percent.
Trading Pin Bar Method on GBPJPY Forex pair
View Trading Pin Bars on GBPJPY FX Pair VideoAUDJPY:
The AUDJPY formed a bullish inside / pin bar today in-line with the current bullish momentum in this market.
Given that there is not much in the way of resistance until about 83.50, this inside bar setup could provide a nice risk to reward ratio for traders.
GBPUSD:
The GBPUSD formed an inside / pin bar setup off support at 1.5500 on the 4 hour chart today. This setup has since come off to the upside as expected. Note the power of price action setups forming at significant levels in the market.
4-hour 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 and Japanese yen weakened today as risk appetite improved in the forex market.
The euro shot substantially higher against the greenback and the AUDUSD is pushing up closer towards the highs from mid-2008 near 0.9850.
The Dow rose 7.41 points, or 0.07 percent, the S&P 500 lost 2.93 points, or 0.26 percent, and the Nasdaq lost 6.48 points, or 0.28 percent.
The EURUSD formed an inside bar today within the range of Friday’s bearish pin bar. We feel this market has potential to rotate marginally lower before the bullish momentum picks back up. However, we would advise against selling this market, we would instead look to get long around the obvious support level near 1.2930 pending a bullish price action setup intra-day or on the daily chart.
Well defined support or resistance levels like the support near 1.2920 in EURUSD, are typically excellent confluent levels to look for solid price action signals to form in order to safely jump aboard existing market trends.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
Gold moved to new highs for the fourth day in a row after speculation that the Fed may announce new moves to stimulate the economy.
The Australian dollar was once again very strong today, advancing against the U.S. dollar and Japanese yen even in the face of last Friday’s price action reversal signals in both the AUDUSD and AUDJPY.
The British pound was one of the weakest currencies today, losing substantial ground to the euro, Swiss franc, and U.S. dollar while losing marginal ground against the yen.
The Dow gained 145.77 points, or 1.37 percent, the S&P 500 added 17.12 points, or 1.52 percent, and the Nasdaq added 40.22 points, or 1.74 percent.
Forex Trade Setups Commentary: AUDUSD and EURJPY important levels to watch.
AUDUSD:
The AUDUSD has put in a topping pattern in the form of a bearish fakey / pin bar reversal. The pair may push lower next week before we see a resumption of the uptrend.
We would not recommend novice forex traders take this counter-trend setup because we firmly believe counter-trend trading is the realm of more experience traders. However, we would advice traders keep an eye on support near 0.9220-0.9180 next week as we view this is a strong support area. A solid bullish price action setup forming near this support would be a valid long setup.
The above AUDUSD chart synopsis is a good example of how you can simply yet effectively plan your trades before hand by using simple price action. Click here if you would like to read about why simplicity is overlooked in forex trading.
EURJPY:
The EURJPY busted out of its trading range high near 109.50 earlier this week. The pair looks to be set for a possible rotation lower at some point this upcoming trading week after today’s bearish rejection candle.
However, rather than fight this week’s explosive bullish momentum we would prefer to wait and see some strong bullish price action form near the significant support level of 109.50 and then look to get long.
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 regained some of their lost ground today as the recent run-up in riskier assets took a breather.
The Swiss franc remained strong today, gaining on both the greenback and the yen.
For the week, the Dow was up 1.4 percent, the S&P 500 added 1.5 percent, and the Nasdaq added 3.3 percent.
Forex Trade Setups Commentary: AUDJPY inside bar
The AUDJPY formed a bullish inside bar today in the course of the recent bullish momentum. We can see price is currently hovering near resistance at 80.85. Beyond this level we don’t see much resistance until about 83.50.
The Australian dollar has been very strong recently as a result of continued demand of the country’s rich exports from China and other quickly expanding countries.
Yesterday’s foreign exchange market intervention by the Japanese government to help weaken the surging yen gave further support to this recent bullish push in the AUDJPY and the other Australian dollar crosses.
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 forex market was relatively quiet today as currencies took a breather after Wednesday volatile price movement after Japan intervened in the foreign exchange markets to weaken the yen.
The Dow added 22.10 points, or 0.21 percent, the S&P 500 lost 0.40 points, or 0.04 percent, and the Nasdaq gained 1.93 points, or 0.08 percent.
The tendency of forex traders to over complicate how they think about and trade the market is also the very reason that most of them fail to make money on a consistent basis. This tendency is especially prevalent among beginning traders as they search hopelessly for that one “perfect” trading system that will make them rich over night.
Continue Reading Why Simplicity is overlooked in Forex TradingForex Trade Setups Commentary: NZDUSD fakey update, AUDUSD inside bar
In our commentary from 9-9-10, we discussed the bullish fakey setup that formed the day before in the NZDUSD, which we posted up shortly after it formed in our member’s forum. This setup has since shot up to the next logical horizontal area near 0.7350, providing traders who took this trade with some decent pips and a solid risk to reward setup.
It is worth noting how well price has respected the significant horizontal levels in the NZDUSD recently. Notice how price moved from 0.7150 and then up to 0.7350 before reversing.
AUDUSD:
The AUDUSD formed an inside bar today at resistance near 0.9400. This inside bar may cause prices to fall lower towards support near 0.9200. However, we would not be looking to short such a bullish market, instead we would wait for the potential move lower and then look to get aboard the uptrend with a bullish price action setup forming near 0.9200.
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 posted its largest one day gain against the Japanese yen in nearly two years today as Japan began selling yen on the forex market in order to weaken it’s recently surging currency in order to make exports more attractive to foreign buyers.
The Japanese intervention also helped push the euro, Australian dollar and British pound substantially higher today against the yen, even though Japan mainly bought U.S. dollars
The Dow rose 46.24 points, or 0.44 percent, the S&P 500 added 3.97 points, or 0.35 percent, and the Nasdaq added 11.55 points, or 0.50 percent.
Japan intervened into the forex market on Wednesday for the first time in six years, they did this by buying dollars to weaken the surging yen that is harming Japanese manufactures like Toyota and Sony after the yen spiked to 15-year highs.
Continue Reading Japanese Government Intervenes in Yen Currency and Recent Price Action 9-15-2010Forex Trade Setups Commentary: EURJPY and AUDUSD Price Action *GBPJPY* – update
GBPJPY: update
The GBPJPY formed a false break of multiple inside bars and support near 128.00 yesterday. This fakey setup tipped off traders to the impending fundamental news out of Japan regarding their intervention in the FX market today to weaken the surging yen in order to strengthen their sagging economy.
EURJPY:
The EURJPY inside bar rejection setup that formed last Thursday off support near 106.00, has pushed aggressively higher and penetrated the resistance near 109.50. The Yen fell over 2 percent as Japan intervened Wednesday in the FX markets for the first time in six years.
We can also note in the chart below that a bullish pin bar candle formed on Tuesday, this could have been another tip off that prices had the potential to challenge the top of the trading range near 109.50.
AUDUSD:
The AUDUSD has penetrated weekly resistance near 0.9400 over the last two days and has been unable to maintain prices above this level as evidence in the chart below demonstrates. Momentum is still bullish however, but we would wait to see a solid price action setup develop before entering a new long position.
A move down towards support near 0.9220 would be viewed as possible buying scenario if we saw some bullish price action form near this level.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
Japan intervened in the forex markets for the first time in 6 years on Wednesday to curb economic damage as a result of the surging yen, this worked to push the yen significantly lower across the board and lifting stocks on Tokyo by more than 2 percent.
Gold has pushed to fresh highs as of Tuesday and this has contributed to a weakening U.S. dollar which has lead to bullish breakouts in the AUDUSD, EURUSD, and GBPUSD.
The Dow lost 17.64 points, or 0.17 percent, the S&P 500 dropped 0.80 points, or 0.07 percent, and the Nasdaq gained 4.06 points, or 0.18 percent.
What is price action? Price action is the behavior of price of a specific currency, commodity, stock or other trading instrument over a specified period of time. Price action analysis deals with the predictive capacity of specific price patterns that occur on a semi-regular basis over a given period of time. Certain price patterns re-occur in the markets and can be used to develop a rule-based system.
Continue Reading Price Action Forex Trading ExplainedThe NZDUSD bullish fakey that we discussed in yesterday’s commentary and originally posted in our member’s forum right after it closed out this past Wednesday, has continued to push higher into this week’s close today.
We see resistance coming in near 0.7350 and could see prices challenge this level next week, however we could also see a consolidation or a possible rotation lower to re-test support near 0.7150.
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 closed the week mixed as it gained ground on the British pound, Euro, and Swiss franc, while losing to the Japanese yen, Australian dollar, New Zealand dollar, and Canadian dollar.
The Dow rose 47.53 points, or 0.46 percent, the S&P 500 added 5.37 points, or 0.49 percent, and the Nasdaq added 6.28 points, or 0.28 percent.
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