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PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street today the Dow closed down 213.27 points or 2.01% as investors dumped stocks on the back of comments from President Obama proposing tough new restrictions on major banks.
Obama said that banks should no longer be allowed invest in or sponsor hedge funds for proprietary profit. Many banks participate in proprietary trading, or the usage of their own money to make bets on markets as a source of earnings.
The last two trading days have seen the Dow post it’s worst two-day percentage loss since June of 2009.
Currencies:
The U.S. dollar hit a 5-month high versus the euro today as Gold and other metals fell due to a wide-spread sell off in equities and commodities on renewed fears that China may be taking steps to slow the countries growth on the back of inflation fears.
In the U.S. comments by President Obama regarding new banking regulations caused investors to sell commodities and commodity currencies across the board.
The safe-haven U.S. dollar and Japanese Yen rose substantially against the major currencies, the U.S. dollar only gave up ground to the Yen.
Pair in focus: GBP/USD
Today’s chart is of daily GBP/USD. We can see Tuesday gave us a very nicely formed pin bar off a previous support level that has since become resistance. Confluence of signals is when we get a price action setup, such as a pin bar, combined with a significant support/resistance level, moving average, or Fibonacci swing level. All of these tools add validity and confirmation to our price action setups.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my price action trading course.
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