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PRICE ACTION FOREX TRADING COURSE
NZDUSD:
Yesterday in our member’s forum daily commentary we posted up a bullish fakey setup that formed in the NZDUSD. The fakey has since come off nicely to the upside and appears to have some room to push still higher.
We can see the chart below shows resistance coming in near 0.7350. We would have liked to have seen a stronger close today in the NZDUSD, but given the recent momentum has been bullish we still see the path of least resistance being higher, at least until 0.7350.
AUDUSD:
The AUDUSD managed to break out above resistance near 0.9200 and closed above this level as well, with a closing price of about 0.9228. We see the next major resistance for this currency pair coming in just below 0.9400 and would now expect the 0.9200 to provide support.
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 AUDUSD and NZDUSD gained ground today while some of the other majors lost against the U.S. dollar. The Australian and New Zealand currencies are exceptionally strong right now due to continued growth in those countries fueled in part by strong growth in parts of Asia.
The U.S. dollar was also weaker today against the Canadian dollar and Japanese yen but managed to gain on the British pound, Euro, and Swiss franc.
The Dow gained 28.23 points, or 0.27 percent, the S&P 500 added 5.31 points, or 0.48 percent, and the Nasdaq added 7.33 points, or 0.33 percent.
Gold produced another bullish price action setup which broke up to the upside yesterday. We can see the fakey setup in the chart below was just one of a few recent solid price action setups that gave traders an entry into this recent gold uptrend.
Today’s price action in gold did form a small bearish pin bar rejection candle at the strong resistance near $1262.00. Given that the trend is dominantly bullish we would not advise traders take any counter-trend entries at this point. However, those traders that did get long on the most recent fakey setup may want to move stops to breakeven in case price does fall lower.
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 EURUSD gained strength against the dollar today after Portugal’s successful bond auction which made Tuesday’s worries appear somewhat exaggerated.
The Japanese yen remained relatively stable against the dollar due to lingering concerns about the global economic recovery.
The Dow gained 46.32 points, or 0.45 percent, the S&P 500 added 7.03 points, or 0.64 percent, and the Nasdaq added 19.98 points, or 0.9 percent.
USDJPY:
The USDJPY formed a bearish pin bar that we discussed in last Friday’s commentary. Price has since come off modestly to the downside and appears to have more room to run before we get to the strong monthly support near 79.75.
EURJPY:
Yesterday’s very light labor-day volume formed a tiny inside bar just beneath resistance in the EURJPY. This inside bar setup was with the bearish market momentum and could have been a very low-risk high-reward scenario for keen price action traders.
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 euro was substantially weaker today against the other major currencies due to renewed concerns about Euro-zone debt.
The U.S. dollar was mostly stronger today but still lost modestly to the Japanese yen and Swiss franc. The yen was the big winner in today’s forex trading session.
The Dow lost 107.24 points, or 1.03 percent, the S&P 500 dropped 12.67 points, or 1.15 percent, and the Nasdaq dropped 24.86 points, or 1.11 percent.
The gold inside bar setup we discussed in the commentary from 9-1-10 has come off as expected in the direction of the recent bullish momentum and is holding higher prices as we can see from Friday’s bullish rejection candle.
We can also see a couple other gold price action setups in the chart below that have provided excellent entries into this most recent bull move in gold.
Resistance in the gold market comes in near 1260.00-1264.00.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
Forex trading volume was very light today due to the U.S. and Canadian bank holiday.
Developing a forex trading plan is the glue that holds everything else together. It is all well and fine to know in your head what you SHOULD do while trading the forex market. However, it is one thing to know how to do something and another thing all together to actually DO IT, a forex trading plan will act as the physical manifestation of what you should do while trading, so that you don’t just do whatever you feel like doing at the time.
Continue Reading How to use Price Action to Successfully Trade the Forex MarketThis article is the first in a series which will look hard at what makes a trader successful. It deals with the taking of responsibility for ones actions and emotions in the market place, including the issue of adherence to our own trading rules.
Continue Reading What Makes a Successful Forex Trader?The EURUSD formed an inside bar yesterday that we posted up in our member’s forum shortly after it closed out. The inside bar came off to the upside today as anticipated. We are not sure how much gas the EURUSD has left in its tank, it might consolidate for a while before pushing higher and trying to challenge the overhead resistance near 1.2930 which is a pretty obvious level. We would need to see this level reclaimed and steady bullish trend development if this pair is going to test the July highs.
Note the EURUSD recently made a 50% retracement of the move from the June low of 1.1876 to the August high of 1.3333.
USDJPY:
The USDJPY formed a bearish pin bar today in the context of the dominate downtrend, this is definitely one to keep on the radar as a possible short.
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:
Safe-haven U.S. government debt fell for a third day in a row as traders saw the odds of a “double dip” recession lessening. The U.S. dollar ended lower against most of the other major currencies today but did manage to gain modestly on the Swiss franc and Japanese yen.
The Canadian dollar and New Zealand dollar strengthened significantly today with the euro, British pound, and Australian dollar close behind. The CHF, JPY, and USD were today’s weakest of the major currencies.
The Dow rose 2.9 percent for the week, the S&P 500 rose 3.8 percent, and the Nasdaq added 3.7 percent for the week.
The GBPJPY has formed 2 consecutive inside bars, indicating that this market is winding up tight for a possible strong break out move. The trend is down so we would have to favor the downside right now. However, given the fact that support sits close below near 127.65, we do not really see a large reward relative to risk.
Ideally, we would look for this inside bar setup to break higher and run into resistance near 132.00 and subsequently form a bearish price action setup. In which case we would then consider taking a short.
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 U.S. dollar was mixed today, rising against some currencies and falling against others. As of the New York session close, the greenback made modest gains against the British pound, Australian dollar, and Canadian dollar.
The greenback lost modest ground to the Euro, Swiss franc, Japanese yen, and New Zealand dollar.
The Dow added 50.63 points, or 0.49 percent, the S&P 500 rose 9.81 points, or 0.91 percent, and the Nasdaq added 23.17 points, or 1.06 percent.
The AUDUSD is carving out a trading range between about 0.9200 and 0.8850-0.8770. This market is likely to continue bouncing between these levels for the time being.
We would look for price action setups forming at or near these levels before taking any positions. A decisive break above 0.9200 or below 0.8770 would likely lead to stronger directional moves.
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 weakened today against most of the other majors as risk appetite improved. However, the other safe haven currencies like the Japanese yen and Swiss franc also weakened, even more so than the dollar.
The commodity currencies strengthened dramatically today, with the Australian dollar, New Zealand dollar, and Canadian dollar all posting significant gains against the other majors.
The Dow rose 233.18 points, or 2.33 percent, the S&P 500 rose 28.40 points, or 2.71 percent, and the Nasdaq added 56.50 points, or 2.67 percent.
The gold inside bar setup discussed in yesterday’s commentary has come off to the upside today. This setup is just one of a few recent gold setups that have paid off very nicely for traders interested in price action trend trading with gold.
We see resistance coming in near 1260 – 1265 in this 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:
In our member’s daily forex commentary we posted up the double – pin bar setup in the chart below as it closed out last Thursday. Savvy price action traders following our daily member’s commentary could have netted some serious pips as this setup has come off nicely to the downside.
Note also the counter-trend pin bar that did not work out very well. A clear example of why trading price action with the trend is desirable.
Commentary:
Investors bought up the safe haven Japanese yen once again today on the back of growing fears of a double-dip U.S. recession. The Japanese yen neared a 15-year peak against the dollar today.
Gold also saw a strong push to the upside today as investors flocked to its relative safety. Oil prices which are viewed as a proxy for the global economy, moved lower by nearly 4 percent today.
The Dow squeaked out a 4.99 point gain today, or 0.05 percent, the S&P 500 rose 0.41 points, or 0.04 percent, and the Nasdaq lost 5.94 points, or 0.28 percent.
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