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Weekly Forex Market Update – July 6th to 10th, 2015

Posted on July 6th, 2015 | by | in Forex Trading Commentary | No Comments

This week it’s important to me mindful of volatility and unpredictable price action as the situation in Greece and the Eurozone unfolds. We urge traders to re consider holding positions over the weekend and to ensure your account has substantial margin to cover your positions in the event of any price gaps. See our article on What The Greek Crisis Means For Forex Traders.

GBPUSD

Short term trend remains down. Resistance at 1.5800 and  support at 1.5170.

gbpusd-july-6

EURUSD

Short term bias remains down to sideways – Resistance at 1.1400 and support at 1.0825.

eurusd-july-6

USDJPY

Short term bias remains down to sideways. Pin bar sell signal last week warns of larger potential downside move. Resistance at 123.70 and major support at 121.90

usdjpy-july-6

Crude Oil

Short term bias shifted to down. Traders can look to short sell on any price strength. Strong Resistance at $58.00.

crude-july-6

Gold

Short term bias is sideways. Last week we saw a small daily pin bar signal, this week we could see a gentle recovery into value around 1190 to 1200. We would be wary of short selling gold during the expected upcoming volatility due to the Greek situation. Gold is typically seen as a save haven in these situations. Support 1150-60 , Resistance 1190 – 1200

gold-july-6

S & P

Short term bias remains sideways. Price has gapped down early this week and will likely try to fade back up to fill that gap, before rolling over again. We would look to sell once price has filled the gap in expectation that the market will find resistance at that area and roll over. Resistance 2100 – 2090 area.

s-and-p-july 6

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial’s Forex Course here.

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Gold Threatening to Break Lower, AUDJPY Sell Signal, July 1st 2015

Posted on July 2nd, 2015 | by | in Forex Trading Commentary | No Comments

Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here

Trading Setups / Chart in Focus:

Gold – Spot Gold threatening to break down

The spot Gold market lost ground today and formed an inside bar just below 1170.00 support that we’ve been talking about recently in our members commentaries. This market continues to look weak and if it breaks down from this inside bar setup we could see a larger move lower unfold at least to re-test key support near 1140.00.

gold

AUDJPY – Aussie/yen pin bar fakey sell signal

The AUDJPY moved up to the resistance and previous breakdown level near 95.00 today before falling lower into the day’s close and forming a bearish pin bar fakey combo sell signal. There was also a 1 hour pin bar sell signal at this level that some of you may have caught intra-day today and that we discussed in our members discussion forum during the U.S. session today. We could see price continue lower from here as long as it holds under 95.00 resistance.

audjpy

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  • What The Greek Crisis Means for Forex Traders
  • Latest Trading Lessons

    Fundamental Commentary & Upcoming Economic News

    Upcoming important economic announcements (New York time): 7/1/2015

    Tentative: New Zealand – GDT Price Index
    9:30pm EST: Australia – Trade Balance

    7/2/2015

    4:30am EST: Britain – Construction PMI
    8:30am EST: United States – Non-Farm Employment Change
    8:30am EST: United States – Unemployment Rate
    11:10m EST: Eurozone – ECB President Draghi Speaks
    9:30pm EST: Australia – Retail Sales m/m

Special Note: Until July 31st, Get 35% Off Life-Time Membership To Nial Fuller's Forex Trading Courses, Daily Trade Setups Newsletter, Live Trading Forum & Support Line - Learn More Here.
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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial’s Forex Course here.

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What The Greek Crisis Means for Forex Traders

Posted on June 30th, 2015 | by | in Forex Trading Commentary | 1 Comment

greeceMost of you will no doubt be aware that Greek and euro-zone countries are in the midst of a debt crisis. Whilst the market has been aware of this situation that’s been brewing for several years, it now appears that it’s coming to a head and we may in fact see Greece default on its debt obligations. Traders should be aware that in the days, weeks and months ahead, the markets will experience unpredictable volatility. It’s important that those of you actively trading are aware of some of the increased risks to your positions that may or may not occur as a result of this euro-zone economic situation.

Here are some key points for traders to consider:

  • Expect the EURUSD, stock market indices and other markets to be unusually volatile and unpredictable.
  • Expect larger than normal price gaps over the weekend.
  • Be mindful of your stop loss distance, as tighter stops may be taken out.
  • Consider the margin in your trading account; do you have enough to survive volatility and meet broker margin requirements? Some brokers may modify margin requirements without notice, do you have enough to hold your open positions in the face of these events?
  • Don’t try to predict the news as it’s often an exercise in futility. As can be seen, those who sold the EURUSD Monday morning, believing the Greek economic crisis would be negative for the euro-zone, have suffered severe losses as price surged higher after dropping substantially earlier in the day. As we can see, the market is often contrarian and counter-intuitive.

So how do you trade in times like this?

We focus on a basket of pairs, mainly EURUSD and stock indices like the S&P 500 or European stock indices like the DAX or FTSE and quite frankly, we just play the price action as we see it. Price moves are amplified by the news due to the increased volatility, so it removes a lot of the resistance of levels which allows price to move move easier and further.

Here’s yesterday’s EURUSD chart, be aware that moves over the weekend like this can and do happen. Whilst the market did gap down dramatically to open this week, it did recover all losses, ending even higher today. This chart is a perfect example of why I don’t trade the news.

eurusd

At Learn To Trade the Market, we are not fundamental traders, meaning we don’t make our trading decisions based on news or fundamental reasons. It’s important, especially in situations like this, that we let the price action of the charts guide us whilst executing our predetermined rules we have set out in our trading plan. It’s always easier to be swayed by your opinion or gut feeling on an entire country or a currency and allow that bias to influence your decisions, however, it’s quite obvious if a trader is to do what every other trader is doing he stands to lose in the end.

There are plenty of opportunities in the days, weeks and months ahead. Remain disciplined and let the opportunities come to you and apply strict risk management.

To keep up to date with potential trade setups and our analysis, follow our daily trade setups newsletter as we will be updating members as this situation unfolds, there are bound to be plenty of trading opportunities.

Safe Trading, Nial Fuller

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial’s Forex Course here.

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Weekly Forex Trade Setups Preview – June 29th to July 3rd 2015

Posted on June 29th, 2015 | by | in Forex Trading Commentary | No Comments

Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here

EURUSD – Euro/dollar continues to weaken

The EURUSD weakened last week after hitting resistance up near 1.1380 and repelling down from it. Price is currently sitting just above an important support level at 1.1150. If it can hold above this level this week on a closing basis, we could see price rally from here. Otherwise, if price slips down below it, there isn’t much in the way until the key support level down near 1.0820.

eurusdd

GBPUSD – Sterling/dollar inside bar

The GBPUSD stalled late last week and formed an inside bar setup after retracing back to the 8 day EMA. The trend is still up in this market and it’s still looking quite strong compared to the other major USD pairs right now. IF price can bust up above the mother bar from this inside bar setup, we could see the bullish trend continue higher from near current levels. Otherwise, we can wait and see if another buy signal forms should price continue rotating lower this week.

gbpusd

AUDUSD – Aussie/dollar contained under key resistance

The AUDUSD continues to stay contained under resistance at 0.7820. There’s really a large zone of resistance up between 0.7820 and 0.7920 and any rallies up to that resistance this week are seen as a potential selling opportunities if we get a 4 hour or daily chart price action sell signal.

audusdx

USDJPY – Dollar/yen remains buoyant above support levels

The USDJPY has remained buoyant above the 21 day EMA and support down near 122.45 in spite of recent attempts to push the market lower. The trend is still up overall and we still prefer looking to be buyers at support on a price action signal.

usdjpy

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial’s Forex Course here.

Axitrader

GBPJPY Bullish Run Continues From Pin Bar, 26th June 2015

Posted on June 27th, 2015 | by | in Forex Trading Commentary | No Comments

Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here

Trading Setups / Chart in Focus:

GBPJPY – Sterling/yen bullish trend continues

The GBPJPY pulled back into the 8 day EMA dynamic support level this week, and in-line with our recent commentaries on looking to buy this market on a pullback it formed a bullish pin bar buy signal there yesterday. We discussed this buying opportunity shortly after it formed in our members trade setups newsletter yesterday. We can see that price retraced to just beyond the pin’s 50% level today, providing for a trade entry trick 50% retrace entry and allowing for a large potential risk reward as this uptrend is still very strong.

gbpjpy

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial’s Forex Course here.

Axitrader

Crude Oil Grinding Higher, Will It Breakout? 24th June 2015

Posted on June 25th, 2015 | by | in Forex Trading Commentary | No Comments

Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here

Crude Oil looking strong

Crude Oil continues to grind sideways to higher whilst in this trading range between 56.45 and 61.80 area. Price is beginning to look like it’s building some support / bullish momentum recently and if it can close up above 61.80 we could see it break up and out from this trading range, which would open the door for the potential for a larger move higher.

oil

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Latest Trading Lessons

Fundamental Commentary & Upcoming Economic News

Upcoming important economic announcements (New York time): 6/25/2015

4:00am EST: Switzerland – SNB Chairman Jordan Speaks
Day 1: Britain – EU Economic Sentiment
8:30am EST: United States: Unemployment Claims
6:45pm EST: New Zealand – Trade Balance

Special Note: Until July 31st, Get 35% Off Life-Time Membership To Nial Fuller's Forex Trading Courses, Daily Trade Setups Newsletter, Live Trading Forum & Support Line - Learn More Here.
nialfuller

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial’s Forex Course here.

Axitrader

Previous Posts

Looking to Buy GBPUSD on Pullback, S&P500 Buoyant, 23rd June 2015

Posted on June 24th, 2015 | by | in Forex Trading Commentary | No Comments
Looking to Buy GBPUSD on Pullback, S&P500 Buoyant, 23rd June 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here Trading Setups / Chart in Focus: GBPUSD - Sterling/dollar bullish trend continues We've been talking about looking to buy the GBPUSD on a pullback recently, in light of the strong uptrend... Continue Reading

Weekly Forex Trade Setups Preview – June 22nd to 26th 2015

Posted on June 22nd, 2015 | by | in Forex Trading Commentary | 1 Comment
Weekly Forex Trade Setups Preview – June 22nd to 26th 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here EURUSD - Euro/dollar grinding higher, resistance overhead The EURUSD continues to grind higher over the last few weeks. However, it is facing a key resistance level up near 1.1470 and price will... Continue Reading

GBP Crosses Remain Extremely Bullish, 17th June 2015

Posted on June 18th, 2015 | by | in Forex Trading Commentary | No Comments
GBP Crosses Remain Extremely Bullish, 17th June 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here Trading Setups / Chart in Focus: GBPUSD - Sterling/dollar bullish run continues In an aggressive bullish surge higher today, the GBPUSD extended recent gains and closed above the key... Continue Reading

Weekly Forex Trade Setups Preview – June 15th to 19th 2015

Posted on June 15th, 2015 | by | in Forex Trading Commentary | No Comments
Weekly Forex Trade Setups Preview – June 15th to 19th 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here EURUSD - Euro/dollar consolidates We are taking a more neutral view on the EURUSD at this point in light of its recent strength. However, whilst it remains below 1.1466 key resistance there is... Continue Reading

GBPJPY Bullish Trend Continues, More Upside Possible, 11th June 2015

Posted on June 12th, 2015 | by | in Forex Trading Commentary | 1 Comment
GBPJPY Bullish Trend Continues, More Upside Possible, 11th June 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here Trading Setups / Chart in Focus: The GBPJPY fakey pin bar combo setup we discussed in our June 9th members trade setups newsletter, saw price retrace yesterday, just violating the pin bar low... Continue Reading

Looking to Buy USDJPY at Support, GBPUSD Moves Higher, 10th June 2015

Posted on June 11th, 2015 | by | in Forex Trading Commentary | No Comments
Looking to Buy USDJPY at Support, GBPUSD Moves Higher, 10th June 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here Trading Setups / Chart in Focus: USDJPY – Dollar/yen a buy from support The USDJPY has rotated lower. We like it for a buy and will look for a price action buy signal on the 1 hour, 4 hour... Continue Reading

Weekly Forex Trade Setups Preview – June 8th to 12th 2015

Posted on June 8th, 2015 | by | in Forex Trading Commentary | No Comments
Weekly Forex Trade Setups Preview – June 8th to 12th 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here EURUSD - Euro/dollar sells-off following pin bar sell signal The EURUSD fell significantly lower on Friday following our discussion of the bearish pin bar sell signal in our June 4th commentary.... Continue Reading

EURUSD Pin Bar Sell Signal, USDJPY Buoyant, 4th June 2015

Posted on June 5th, 2015 | by | in Forex Trading Commentary | No Comments
EURUSD Pin Bar Sell Signal, USDJPY Buoyant, 4th June 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here Trading Setups / Chart in Focus: EURUSD – Euro/dollar pin bar sell signal at resistance The EURUSD formed a bearish pin bar sell signal today after pushing higher early-on but reversing... Continue Reading

S&P500 Pin Bar at Support, EURUSD Update, 2nd June 2015

Posted on June 3rd, 2015 | by | in Forex Trading Commentary | No Comments
S&P500 Pin Bar at Support, EURUSD Update, 2nd June 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here Trading Setups / Chart in Focus: S&P500 – SP500 pin bar at support The S&P500 rotated down into the 2095.00 support level today and bounced up from that level into the close, as we... Continue Reading

Weekly Forex Trade Setups Preview – June 1st to 5th 2015

Posted on June 1st, 2015 | by | in Forex Trading Commentary | No Comments
Weekly Forex Trade Setups Preview – June 1st to 5th 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here EURUSD - Euro/dollar nearing sell-zone The EURUSD retraced modestly higher late last week and our recent views on this market have not changed. We are still bearish and looking to sell at or just... Continue Reading

EURUSD Selling Opportunity, Crude Oil Rolls Over, 27th May 2015

Posted on May 28th, 2015 | by | in Forex Trading Commentary | No Comments
EURUSD Selling Opportunity, Crude Oil Rolls Over, 27th May 2015
Trading Setups / Chart in Focus: Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here EURUSD – Euro/dollar bears in control The EURUSD firmed up a bit today but clearly bears are in control of this market and we still see any rallies higher... Continue Reading

USDJPY Explodes Higher, Crude Oil Falls Lower, 26th May 2015

Posted on May 27th, 2015 | by | in Forex Trading Commentary | No Comments
USDJPY Explodes Higher, Crude Oil Falls Lower, 26th May 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here USDJPY - Dollar/yen explodes higher The USDJPY exploded higher today and closed well above recent key resistance levels. Last week, in our May 21st commentary, we discussed our views that this... Continue Reading

Weekly Forex Trade Setups Preview – May 25th – 29th 2015

Posted on May 25th, 2015 | by | in Forex Trading Commentary | No Comments
Weekly Forex Trade Setups Preview – May 25th – 29th 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here EURUSD - Euro/dollar bearish momentum continues The EURUSD moved lower again last Friday to end the week at the lows and right at support near 1.1000. This market has resumed its long-term... Continue Reading

USDJPY Poised For More Upside – 21st May 2015

Posted on May 22nd, 2015 | by | in Forex Trading Commentary | No Comments
USDJPY Poised For More Upside – 21st May 2015
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here Trading Setups / Chart in Focus: USDJPY – Dollar/yen pushing higher The USDJPY has surged significantly higher this week after it has continued to hold above key support down near 118.50. We... Continue Reading

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