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PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street Friday the Dow dropped 216.90 points as investors dumped stocks again on the back of continued fear over President Obama’s proposal for new bank regulations as well as concern that China may move to slow it’s economy due to increasing inflation.
Currencies:
The U.S. dollar traded mixed on Friday; we saw the greenback lose modestly to the Euro, Swiss Franc, and Japanese Yen, while giving up a few pips so the Aussie Dollar and New Zealand Dollar.
The dollar gained decently on the British Pound again on Friday: closing up about 82 pips against the Sterling. We also saw the U.S. dollar beat out the Canadian dollar for the fourth day in a row.
Commodities were down last week, with Crude Oil closing down 4.7% on the back of demand worries and wide spread U.S. dollar strength due to renewed risk aversion.
Pair in focus: GBP/JPY
We can see in our daily chart of GPB/JPY that a nicely formed pin bar reversal pattern occurred on 1-14-10; rejecting 150.00 psychological resistance. This set the stage for last week’s trend line break down and subsequent significant fall into the end of the week. The 50% pin bar entry technique that I teach in my forex trading course would have gotten you a great entry into this amazing trade. Check out my trading videos for more great examples of pin bar 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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