Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Trading Setups / Chart in Focus:
GBPUSD
The GBPUSD pushed higher today and is currently testing key resistance just above the 1.5900 level. If price continues its recent bullish momentum, we could see a break out higher from the recent consolidation range. Otherwise, we could see a rotation back into the range if price cannot decisively break above resistance. We see on the 1hr chart below that a nice pin bar setup formed today showing rejection of the 150 EMA, 1 hr chart setups that are deadly obvious like this one are the best to trade.
Silver
The spot silver market soared higher today as price broke and closed above the key $35.66 resistance. Traders can look to buy into this market on any rotations into support, pending price action confirmation.
Check out my latest trading lesson: The “Holy Grail” of Forex Trading Strategies – Daily Chart Time Frames
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the euro gained on the U.S. dollar as risk appetite improved before a European Central Bank offering of cheap cash to banks. The EUR/USD is up about 4 percent so far for 2012.
The U.S. dollar lost ground to most of the other majors today, except for the New Zealand dollar which it gained modestly on.
Other Markets:
In the U.S. markets today, the Dow closed above 13,000 for the first time since May of 2008, led higher by a rise in consumer confidence.
The Dow gained 23.61 points, or 0.18%, the S&P 500 added 4.59 points, or 0.34%, and the Nasdaq added 20.60 points, or 0.69 percent.
Upcoming important economic announcements: 2/29/2012
3:00am EST: Switzerland – KOF Economic Barometer
4:45am EST: Britain – Inflation Report Hearings
8:30am EST: United States – Prelim GDP q/q
10:00am EST: United States – Fed Chairman Bernanke Testifies
7:30pm EST: Australia – Building Approvals m/m
7:30pm EST: Australia – Private Capital Expenditure q/q
8:00pm EST: China – Manufacturing PMI
Trading Setups / Chart in Focus:
NZDUSD
The NZDUSD moved higher today after price rejected the 8 / 21 day EMA dynamic support layer. We can see price closed today right at resistance at the upper boundary of the recent trading range. If price breaks higher, traders could watch for intra-day or daily buy signals on any retraces into support, and we could see a larger push to the upside into to the next key resistance near 0.8570. Note the obvious bullish rejection pin bar strategy that formed off support at 0.8250 on February 16th. We see support in the 8 / 21 day EMA dynamic support layer and at the horizontal level near 0.8250.
Check out my latest trading lesson: The “Holy Grail” of Forex Trading Strategies – Daily Chart Time frames
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the U.S. dollar hit a 9-month high against the Japanese yen today, moving to a high of 81.64 yen before closing the day off the highs at 80.58.
The EURUSD lost about 0.4 percent today, closing at $1.3397, down from $1.3464 on Friday.
The AUDUSD and NZDUSD both gained ground today after paring early-session losses, the British pound lost modest ground to the greenback today.
Other Markets:
In the U.S. markets today, stocks ended little changed, but the S&P 500 was able to push higher for the third straight session on the back of positive U.S. home sales data.
The Dow lost 1.44 points, or 0.01 percent, the S&P 500 added 1.85 points, or 0.14 percent, and the Nasdaq gained 2.41 points, or 0.08 percent.
Upcoming important economic announcements: 2/28/2012
8:30am EST: United States – Core Durable Goods Order m/m
10:00am EST: United States – CB Consumer Confidence
12:30pm EST: Switzerland – Gov Board Member Jordan Speaks
7:00pm EST: New Zealand – NBNZ Business Confidence
7:30pm EST: Australia – Retail Sales m/m
Weekly Forex Chart Outlook for February 27th – March 2nd 2012
EURUSD
In last week’s weekly Forex chart outlook, we discussed the pin bar setup off 1.3000 that formed in the EURUSD on February 16th, we can now see that the market has shot significantly higher and even provided another chance to enter into the up move via an inside bar setup that formed last Wednesday. Price is now approaching resistance near 1.3500 – 1.3550, where we could see some stalling or perhaps a rotation lower. If price rotates lower into the 8 / 21 day EMA support layer, we would watch the 4hr and daily charts closely for price action buy signals to trade back in-line with the bullish momentum.
EURJPY
The Japanese yen has weakened significantly against the other majors since the beginning of February due to the Bank of Japan’s recent monetary easing. Japan’s trade deficit, widening interest rate differentials with the United States favoring the dollar and rising crude oil prices also have hurt the yen’s prospects. We can see the EURJPY has been on a tear to the upside recently, note the small daily pin bar that formed rejecting the dynamic 8 / 21 daily EMA support layer back on February 6th, and then the fakey setup off support that formed February 14th and 15th. The market has since moved significantly higher, netting savvy price action traders some serious pips. Note key resistance approaching near 111.50.
USDCHF
The USDCHF pin bar setup that we discussed in last week’s Forex chart outlook has since broken down past 0.9100 and is now up a nice profit. We can see the old support at 0.9100 has now flipped to resistance. Traders can watch for price action sell signals on any rotations higher into resistance. The next key support is near 0.8600 – 0.8550.
spot Gold
The spot gold market has moved significantly higher since the pin bar setup that formed on February 16th which we discussed in last week’s Forex chart outlook. We can see price has moved up to just under the key resistance at $1800.00. We are still bullish biased here and would watch for price action buy signals on any rotations lower into support. Note the 50% entry that was available off the pin bar from Feb. 16th, this allowed for a tight stop and large reward potential relative to risk.
Check out my latest trading lesson: The “Holy Grail” of Forex Trading Strategies – Daily Chart Timeframes
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD ended the week near its highs after the inside bar setup from Wednesday saw price explode higher into the end of the week. Note the pin bar strategy that formed off 1.3000 support on February 16th. We’ve had two good daily chart price action trading opportunities in the last two weeks that many of our members have been discussing in the forum and trading. Note the next resistance is near 1.3550, this level will likely prove significant next week. Watch for price action buy signals on any rotations lower into support.
USDJPY
The USDJPY has been on a parabolic move higher after it found support at 76.00 at the beginning of this month. We can see the move higher was kicked off by an inside-pin bar setup off the key long-term support at 76.00. There was also a very good 4 hour pin bar setup that occurred about halfway into this move that many of our members’ got long on. The daily chart provided another inside bar setup with the momentum this past Tuesday that has since paid off nicely. Inside bars on the daily chart in strong trending markets are very high-probability price action setups.
Check out my latest trading lesson: “The Holy Grail of Forex Trading Strategies” – Daily Chart Time Frames
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the U.S. markets today, stocks moved significantly higher, continuing the rally on the back of signs of economic recovery in the U.S.
The Dow lost 1.74 points to close virtually unchanged, the S&P 500 added 2.28 points, or 0.17 percent, and the Nasdaq added 6.77 points, or 0.23 percent.
Other Markets:
In the currency markets today, the euro moved to its highest level against the U.S. dollar in more than two months. The euro-zone debt crisis has calmed and investors are now more optimistic after the recent bailout deal for Greece.
The EURUSD closed at $1.3464 today, up from $1.3371 yesterday and up from $1.3155 last Friday.
The USDJPY moved significantly higher today as the Japanese yen continued its swift decline against the other majors. The U.S. dollar has gained about 4.4 percent on the yen over the last two weeks.
Upcoming important economic announcements: 2/27/2012
10:00am EST: United States – Pending Home Sales m/m
Trading Setups / Chart in Focus:
EURUSD
The EURUSD inside bar setup that we mentioned in yesterday’s commentary broke higher today, and we can see price has now closed above 1.3300 resistance which makes the bias more bullish. Some of our members got long on this inside bar breakout or were already long from the previous pin bar off support from February 16th. Traders can look to buy on pullbacks into support pending price action confirmation.
Check out my latest trading lesson: Nial Fuller’s 5 Steps to Successful Forex Trading
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the U.S. markets today, stocks pushed higher after economic data reflected a healing U.S. labor market, however, the market stalled as it neared highs not seen since 2008.
The Dow gained 46.02 points, or 0.36 percent, the S&P 500 added 5.80 points, or 0.43 percent, and the Nasdaq added 23.81 points, or 0.81 percent.
Other Markets:
In the currency markets today, the euro moved to a 2-month high against the U.S. dollar on the back of surging business confidence in Germany, the euro-zone’s biggest economy.
The EURUSD broke up and out of its recent consolidation range today, closing the day at $1.3371.
The greenback was down modestly against the yen after its recent surge higher against the Japanese currency. The Swiss franc, British pound, Australian dollar, New Zealand dollar, and Canadian dollar all gained on the greenback as well
Upcoming important economic announcements: 2/24/2012
4:30am EST: Britain – Revised GDP q/q
10:00am EST: United States – New Home Sales
Trading Setups / Chart in Focus:
Gold
The spot gold market moved higher again today as the pin bar trading strategy from February 16th continued to pay off. We can see that price has now moved significantly higher off this pin bar and many of our members are now out of this trade that we first discussed in last Friday’s commentary with a solid 1:3 risk reward gain. The next resistance comes in near $1800.00, traders can watch the 8 day EMA dynamic support level for potential price action buy signals on any rotations lower.
EURUSD
The EURUSD consolidated again today, forming an inside bar in the process. We can now see this market is in a trading range between about 1.3320 and 1.3000. Price will need to break and close above the upper boundary of the range near 1.3320 to have a chance at retesting the next resistance near 1.3500. Otherwise, we could see a rotation into the bottom of the range near support at 1.3000.
Check out my latest trading lesson: Nial Fuller’s 5 Steps to Successful Forex Trading
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the Japanese yen moved to its lowest level against the U.S. dollar in over seven months. The U.S. dollar has gained significantly on the yen recently on the back of recent monetary easing in Japan.
The GBPUSD lost significant ground following the minutes of a Bank of England meeting. The GBPUSD closed today at $1.5665, down from $1.5775 yesterday.
The euro was slightly higher against the greenback today as investors continued to weigh the significance of the long-awaited bailout deal for Greece reached on Tuesday
Other Markets:
In the U.S. markets today, bank shares led the stock market lower as the recent rally stalled. Poor European business activity results also worked to push stocks lower as they reignited concerns about deteriorating credit fundamentals in Europe.
The Dow dropped 27.02 points, or 0.21 percent, the S&P 500 lost 4.55 points, or 0.33 percent, and the Nasdaq lost 15.40 points, or 0.52 percent.
Upcoming important economic announcements: 2/23/2012
4:00am EST: Euro-zone – German Ifo Business Climate
8:30am EST: United States – Unemployment Claims
5:30pm EST: Australia – RBA Gov Stevens Speaks
Trading Setups / Chart in Focus:
Gold
The spot gold market shot significantly higher today as price continued to move higher from the pin bar setup off support that formed last Thursday. We first discussed this price action setup in last Friday’s commentary. Many of our members in the forum are in on this obvious pin bar setup as it has been discussed widely in the gold thread. We can see near-term resistance near $1760.00, if price clears this level our next target / resistance area comes in near $1800.00
Silver
The spot silver market also formed a pin bar strategy off support last Thursday. We can see this setup formed showing rejection of the 21 day EMA level as well as $33.00 support. This setup was also widely discussed amongst our members, and many of them are now in a profitable trade or have already locked in a 1:2 risk : reward, as this setup provided for an obvious 50% retrace entry.
Check out my latest trading lesson: Nial Fuller’s 5 Steps to Successful Forex Trading
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the euro was basically unchanged against the U.S. dollar after euro-zone finance ministers agreed to a 130 billion euro bailout for Greece. The deal has mostly been factored in by the market.
Most of the other majors lost ground to the greenback today. Gold and silver moved significantly higher as price moved up off of recent daily pin bar setups in both the metals.
Other Markets:
In the U.S. markets today, stocks were little changed. The Dow pared early gains after it moved above 13,000, higher oil prices also worked to stall the recent rally in stocks.
The Dow gained 15.82 points, or 0.12 percent, the S&P 500 added 0.98 point, or 0.07 percent, and the Nasdaq lost 3.21 points, or 0.11 percent.
Upcoming important economic announcements: 2/22/2012
4:30am EST: Britain – MPC Meeting Minutes
10:00am EST: United States – Existing Home Sales
Trading Setups / Chart in Focus:
EURUSD
The EURUSD pushed higher today, continuing its ascent from the bullish pin bar that formed last Thursday rejecting 1.3000 support. We see near-term resistance coming in near 1.3320, if price rotates lower in the near-term, traders could watch support near 1.3050 – 1.3000 for potential price action buy signals. Beyond 1.3320, we see the next resistance near 1.3500. As long as price remains above 1.2975 on a closing basis, we are taking a bullish bias on this market.
Gold
The spot gold market pin bar setup that we discussed in Friday’s commentary has broken modestly higher today. As long as price remains above the low of the pin bar we see the possibility for a larger move higher. We see near-term resistance near $1750.00, if price can clear this level the next resistance is seen at $1800.00
Check out my latest trading lesson: Nial Fuller’s 5 Steps to Successful Forex Trading
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the euro moved higher against the dollar on the back of market optimism ahead of a meeting of euro-zone finance ministers. Market participants are hopeful for an agreement on a long-awaited bail-out package for Greece.
The EURUSD hit a high of $1.3275, continuing its upward thrust off the bullish pin bar that formed near 1.3000 support which we discussed last Thursday.
The Australian dollar hit a high of $1.0814 U.S. dollars, but later reversed gains, the New Zealand dollar hit a high of $0.8426.
Other Markets:
U.S. markets were closed today due to the President’s day holiday.
Upcoming important economic announcements: 2/21/2012
4:30am EST: Britain – Public Sector Net Borrowing
8:30am EST: Canada – Core Retail Sales m/m
9:30pm EST: China – HSBC Flash Manufacturing PMI
In today’s lesson I am going to show you how you could make 100% on your trading account in one year by only trading one time a week. Sound too good to be true? Well, it’s not, and if you simply learn to trade like a sniper instead of a machine-gunner, and manage your money properly on every trade you take, you could approximately double your trading account in one year
Continue Reading The One Trade per Week Forex Trading StrategyWeekly Forex Chart Outlook for February 20th – 24th 2012
EURUSD
The EURUSD ended last week on a bullish note after forming a bullish rejection pin bar strategy on Thursday and continuing the up move modestly into Friday. This week, we are sideways to bullish biased on this market as long as price stays above 1.2975 on a closing basis. Near-term resistance is seen near 1.3325 and longer term resistance is near 1.3500.
USDJPY
The Japanese yen has been extremely weak against the other majors recently as risk appetite has improved after monetary easing by Japan last week and new hopes that Greece will secure a second bailout. We can see in the weekly chart below that the USDJPY is sitting at a critical resistance level near 79.50. Traders could look to get long the USDJPY, EURJPY, or GBPJPY this week on rotations lower into the daily 8 / 21 EMA support layer; don’t chase a run away train though…wait for a rotation lower into support and then watch for a price action buy signal to form there.
USDCHF
The USDCHF has been on a downward track recently, as evidence from the 8 / 21 day EMAs on the chart below reflects. Most recently, price has pulled back into resistance and formed a bearish pin bar rejection setup there. If price stays under the high of this pin bar we could see a resumption of the negative momentum, a break of near-term support near 0.9100 would open the door for a larger downward move as there is not much support beyond that level until about 0.8550.
Gold
The spot Gold market has seen consolidation recently, after its recent up thrust. We see potential for price to resume its uptrend in the near-term and we can see a nice bullish pin bar has formed showing rejection of the 21 day EMA level and near-term support near $1700.00. If price can remain above support at $1700.00 on a closing basis, we see potential for a resumption of the uptrend this week.
Check out my latest trading lesson: Nial Fuller’s 5 Steps to Successful Forex Trading
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Trading Setups / Chart in Focus:
Gold
The spot gold market moved slightly lower today as it retraced about 50% of yesterday’s bullish pin bar setup that formed showing rejection of the 21 day EMA, this allowed for a 50% long entry on the pin. As long as price holds above the low of the pin bar from yesterday, we are bullish biased on this market and see the potential for more upside next week.
Check out my latest trading lesson: Nial Fuller’s 5 Steps to Successful Forex Trading
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the euro moved marginally higher against the greenback after it pared much of its early session gains into the New York close. Traders are looking forward to next week’s decision on a bailout plan for Greece.
The yen was weaker against the other majors again today, as it is still feeling the effects of the surprise decision by the Bank of Japan to boost its asset-buying program.
The U.S. dollar was modestly higher against the Australian dollar today.
Other Markets:
In the U.S. markets today, stocks pushed higher but gains were limited ahead of an extended holiday weekend. Hopes are high for Greece’s bailout plan to be approved and this event will likely be the catalyst for price movement next week.
The Dow added 45.56 points, or 0.35 percent, the S&P 500 gained 3.17 points, or 0.23 percent, and the Nasdaq lost 8.07 points, or 0.27 percent.
Upcoming important economic announcements: 2/19/2012
4:45pm EST: New Zealand – PPI Input q/q
2/20/2012
7:30pm EST: Australia – Monetary Policy Meeting Minutes
9:00pm EST: New Zealand – Inflation Expectations q/q
9:30pm EST: Australia – RBA Gov Stevens Speaks
Perhaps the most important step to successful Forex trading is developing a trading journal or diary to track your trades and your trading progress. I know have written about keeping a trading journal before, and a lot of people just hear this point and blow it off, but this is the wrong thing to do.
Continue Reading Nial Fuller’s 5 Steps Successful Forex TradingTrading Setups / Chart in Focus:
EURUSD
We can see the inside pin bar that we discussed in Monday’s commentary has now paid off nicely for some of our members that took it, as price has now moved into 1.3000 support, allowing for at least a 1:2 risk : reward.
Today, price created a false-break pin bar of 1.3000 support. Traders can watch for a 50% entry if price retraces into 1.3050 support. We could see higher prices or consolidation from current levels, but as long as price remains above the low from today’s pin bar near 1.2975, we are more bullish on this market than bearish.
NZDUSD
The NZDUSD formed a bullish pin bar off the 21 day EMA support and the horizontal support through 0.8240. The existing daily trend is up, so we could see higher prices off this pin bar setup. There is near-term resistance near 0.8400 and longer-term resistance up near 0.8570.
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the euro gained on the U.S. dollar after U.S. unemployment claims fell to the lowest level in almost four years. This worked to reignite interest in riskier currencies.
The EURUSD closed today at $1.3129, up from $1.3064 yesterday.
The greenback was mostly lower against the other majors today after it gave up early session gains into the New York close; the dollar was higher against the Japanese yen though.
Other Markets:
In the U.S. markets today, stocks moved higher on the back of strong U.S. economic data and new hopes for a Greek bailout next week. The S&P 500 hit a 9-month high today.
The Dow added 123.21 points, or 0.96 percent, the S&P 500 added 14.82 points, or 1.10 percent, and the Nasdaq gained 44.02 points, or 1.51 percent.
Upcoming important economic announcements: 2/17/2012
4:30am EST: Britain – Retail Sales m/m
7:00am EST: Canada – Core CPI m/m
8:30am EST: United States – Core CPI m/m
Trading Setups / Chart in Focus:
AUDUSD
The AUDUSD formed a counter-trend pin bar today, rejecting resistance near 1.0750. We could see a rotation lower if price breaks down past the low of today’s pin bar, but it would be a more speculative trade since the trend is up. We see support near the 21 day EMA and then further below near 1.0375, which would be an obvious buy-level to watch for price action buy signals.
EURUSD
The EURUSD moved lower today as the inside-pin bar we discussed in Monday’s commentary continued to see lower prices. If price stays above 1.3000-1.3025 we could see consolidation or higher prices, but a decisive move and close below this support would likely see a move to test the next support near 1.2880.
Check out my latest trading lesson: A Guide on Taking Profits From Your Forex Trades
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the U.S. dollar gained on the euro on new fears that Greece will not be able to avoid a default on its debt.
The EURUSD dropped to $1.3063, down from $1.3133 yesterday.
The greenback was mixed against other major currencies today. The GBPUSD closed the day relatively unchanged, as did the AUDUSD, both currency pairs pared early session gains as the dollar strengthened into the New York close. The dollar was also essentially unchanged against the Canadian dollar, Japanese yen, and New Zealand dollar.
Other Markets:
In the U.S. markets today, stocks moved lower on the back of a 2.3% decline in Apple shares.
The Dow dropped 97.33 points, or 0.76 percent, the S&P 500 lost 7.27 points, or 0.54 percent, and the Nasdaq dropped 16.00 points, or 0.55 percent.
Upcoming important economic announcements: 2/16/2012
8:30am EST: United States – Building Permits
8:30am EST: United States – PPI m/m
8:30am EST: United States – Unemployment Claims
9:00am EST: United States – Fed Chairman Bernanke Speaks
10:00am EST: United States – Philly Fed Manufacturing Index
Trading Setups / Chart in Focus:
EURUSD
The EURUSD moved lower today from the inside pin bar setup that we discussed yesterday, price did find some support into the New York close though, forming a 4hr bullish pin bar off 1.3080 which we discussed in our members’ commentary today. We could see price move higher from current levels or we could see a move to re-test the lower-end of the current support zone near 1.3025, where we would watch for price action buy signals.
USDJPY
The USDJPY rocketed higher today on some news regarding the Bank of Japan beefing up its asset-buying programs. In our members’ commentary today, we discussed the double pin bar 4hr setup that formed just prior to today’s huge move higher, and many of our members caught this obvious price action setup as it was discussed widely in the USDJPY thread in our forum. This was a good example of how price action reflects all variables of the news and allows us to trade the volatility created by global economic events, without actually having to digest a thousand news reports each day. Note the next key resistance comes in near 79.50 – 80.00
Check out my latest trading lesson: A Guide on Taking Profits From Your Forex Trades
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the Japanese yen moved to its lowest level in 3.5 months against the U.S. dollar after the BOJ increased its asset-buying program. The USDJPY closed the day at 78.43 yen; up from 77.56 yesterday, its biggest one-day percentage gain since Oct. 31st of last year.
The euro lost ground to the U.S dollar today after Moody’s ratings agency warned it could cut the ratings of France, Britain and Austria as well as downgrading six other European countries.
The Australian dollar lost modest ground to the greenback today, but ended the day up well of the day’s low after finding support near the 21 day EMA level.
Other Markets:
In the U.S. markets today, stocks pared losses to end the day essentially unchanged after positive news out of Greece on their commitment to follow through with austerity measures.
The Dow gained 4.24 points, or 0.03 percent, the S&P 500 lost 1.27 points, or 0.09 percent, and the Nasdaq gained 0.44 points, or 0.02 percent.
Upcoming important economic announcements: 2/15/2012
4:30am EST: Britain – Claimant Count Change
5:30am EST: Britain – BOE Gov King Speaks
5:30am EST: Britain – BOE Inflation Report
9:00am EST: United States – TIC Long-Term Purchases
2:00pm EST: United States – FOMC Meeting Minutes
7:30pm EST: Australia – Employment Change
7:30pm EST: Australia – Unemployment Rate
Trading Setups / Chart in Focus:
EURUSD
The EURUSD formed an inside pin bar today. If the mother bar low breaks we could see a move into the near-term support near 1.3025. Beyond this we see support near 1.2880, we would watch these support levels for potential price action buy signals. We can see a zone of resistance between about 1.3200 – 1.3320.
Check out my latest trading lesson: A Guide on Taking Profits From Your Forex Trades
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the euro gained on the U.S. dollar early in the day but gave up most of those gains and ended the day up marginally over Friday’s close against the greenback. Today’s price movement came after Greece approved unpopular austerity measures in order to obtain a second bailout which will allow the country to avoid a default on its debt.
The EURUSD ended today at $1.3185, up marginally from $1.3171 on Friday.
The U.S. dollar lost about 30 pips to the British pound over Friday’s close and also lost modest ground to the Australian dollar, New Zealand dollar, Canadian dollar, and Japanese yen.
Other Markets:
In the U.S. markets today, stocks moved higher on the back of news that Greek officials had approved austerity measures in order to get funds the country needs to avoid a default.
The Dow gained 72.81 points, or 0.6%, the S&P 500 added 9.13 points, or 0.7%, and the Nasdaq gained 27.51 points, or 1%.
Upcoming important economic announcements: 2/14/2012
Tentative: Japan – BOJ Press Conference
4:30am EST: Britain – CPI y/y
5:00am EST: Euro-zone – German ZEW Economic Sentiment
Tentative: Britain – BOE Inflation Letter
8:30am EST: United States – Core Retail Sales m/m
8:30am EST: United States – Retail Sales m/m
4:45pm EST: New Zealand – Core Retail Sales q/q
Click Here To View The Previous Day’s Forex Trading Commentary –Weekly Forex Chart Outlook – 11th February 2012
Weekly Forex Chart Outlook for February 13th – 17th 2012
EURUSD
The EURUSD rotated lower on Friday and closed just below the 8 day EMA and the horizontal support near 1.3200. We will watch support near the 21 day EMA and the horizontal support near 1.3025 this week for potential price action buy signals if price continues to rotate lower.
GBPUSD
The GBPUSD moved lower into last week’s close and ended the week at support near 1.5730. If price moves lower this week we could see a move into the next support near 1.5580. If price does continue moving lower this week we will watch for potential buy signals near 1.5580, the next support beyond 1.5580 lies near 1.5400.
AUDUSD
We are taking a look at the AUDUSD weekly chart below. We can see last week a false-break of 1.0755 – 1.0800 resistance occurred. If price continues to retrace lower this week we will watch the weekly 8 / 21 EMA support layer and 1.0380 support for potential buying opportunities.
EURJPY
The EURJPY rotated lower into Friday’s close, but we can see the 8 /21 day EMAs are crossed higher and price has been buoyant recently. If we get a retrace into the daily 8 / 21 EMA support layer this week, we will watch for potential buying opportunities, however given that the weekly trend is still down we need to be vigilant and wait for obvious daily price action signals from support before initiating a long entry.
Check out my latest trading lesson: A Guide on Taking Profits From Your Forex Trades
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD rotated significantly lower and closed the day below 1.3200 support and the 8 day EMA. We had a nice move higher this week off Monday’s pin bar setup that many of our members caught, and now the market is rotating lower. We see the next support coming in near the 21 day EMA and 1.3025 and we will watch this support next week for potential buy signals to re-join the recent up thrust. As long as price remains above 1.3000-1.3025 on a closing basis, we will remain bullish biased on this market.
Check out my latest trading lesson: A Guide on Taking Profits From Your Forex Trades
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the euro moved lower against the greenback as efforts to prevent a Greek default were beginning to stall.
The EURUSD closed Friday trading at $1.3171, down from $1.3284 on Thursday.
The Australian dollar fell significantly lower today against the greenback after it was pressured by euro-zone concerns as well as a dovish quarterly statement from the RBA as well as data that showed a drop in Chinese imports.
Other Markets:
In the U.S. markets today, stocks posted their largest losses of the year on the back of new worries that efforts to prevent a Greek default were starting to falter.
The Dow lost 89.23 points, or 0.7%, the S&P 500 lost 9.31 points, or 0.7%, and the Nasdaq dropped 23.35 points, or 0.8%
Upcoming important economic announcements: 2/12/2012
6:50pm EST: Japan – Prelim GDP q/q
7:30pm EST: Australia – Home Loans m/m
2/13/2012
Tentative: Japan – Monetary Policy Statement
Tentative: Japan – Overnight Call Rate
Click Here To View The Previous Day’s Forex Trading Commentary – EURUSD and EURJPY move higher – 9th February 2012
Trading Setups / Chart in Focus:
EURUSD
The EURUSD is looking well supported just above old resistance / new support at 1.3200 and the 8 day EMA. Many of our members have now made a nice profit off the pin bar setup that formed rejecting support at 1.3025 from Monday. We can see the next key resistance is coming in near 1.3500, if price can stay above 1.3200 on a closing basis we could see a continuation of the recent bullish momentum.
EURJPY
The EURJPY has been cruising higher recently, most recently price broke and closed above resistance near 102.20 – 102.50, and we can see the 8 / 21 day EMAs are crossed higher and diverging. Note the two small pin bars that formed off the dynamic support of the 8 / 21 day EMAs just prior to this recent thrust higher. Support is now seen near 102.00 – 102.50 and we can watch this area for potential buy signals if price rotates lower in the near-term.
February Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more – For More Information Click Here.
Forex Commentary:
In the currency markets today, the euro moved up modestly against the dollar and hit a fresh two-month high on the back of news that Greece reached a deal to avoid a default.
The EURUSD ended Thursday’s trading at $1.3285, up from $1.3260 yesterday.
The U.S. dollar was mostly unchanged against the other majors today; except for the Japanese yen which it surged higher against, as did the other majors.
Other Markets:
In the U.S. markets today, stocks pushed modestly higher for the third day in a row as Greece reached a deal get a bailout; however, moves were limited with most investors feeling the recent rally is a bit extended at current levels.
The Dow gained 6.51 points, or 0.05 percent, the S&P 500 added 1.99 points, or 0.15 percent, and the Nasdaq gained 11.37 points, or 0.39 percent.
Upcoming important economic announcements: 2/10/2012
3:15am EST: Switzerland – CPI m/m
4:30am EST: Britain – PPI Input m/m
8:30am EST: Canada – Trade Balance
8:30am EST: United States – Trade Balance
9:55am EST: United States – Prelim UoM Consumer Sentiment
12:30pm EST: United States – Fed Chairman Bernanke Speaks
Click Here To View The Previous Day’s Forex Trading Commentary – EURUSD 4hr pin bar – 8th February 2012
Introduction to Pin Bars and How to Effectively Take Advantage of Them. The pin bar formation is actually a price reversal pattern consisting of three bars. Once familiarized with pin bar formation it is apparent from looking at any price chart just how profitable this pattern can be. Let’s go over exactly what a pin bar formation is and how you can take advantage of the pin bar setup in the context of the forex market. pin bar, pin bar method, pin bar reversal, pin bar forex, pin bar system, pin bar strategy, forex trading.
Continue Reading Pin Bar Method Forex – Introduction, Definition
Nial Fuller Facebook
Nial Fuller Twitter
Nial Fuller LinkedIn
Nial Fuller YouTube
RSS Feed