Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street today the Dow closed down 53 points and January closed out a very disappointing month for investors as fear arose over whether or not the economy can sustain its 4th quarter growth rate.
The Dow closed down 3.5% for January and it was the worst month for the stock market since February of 2009.
Currencies:
The U.S. dollar gained across the board today as traders continue to shed riskier assets in favor of the safer greenback. The dollar even gained on the Japanese Yen today indicating it is quickly becoming equal to the Yen as the favorite safe-haven currency.
Pair in focus: GBP/USD
The fakey setup on GPB/USD mentioned in yesterday’s commentary came off nicely today. We are targeting the 1.5910 support area on this trade. Notice the pin bar that kicked off this most recent down move. Pin bars and fakeys are two great price action setups that I go over extensively in my trading course. We monitor all relevant price action signals in the major currency pairs every day in our member’s daily market commentary.
For a more in-depth analysis of the Major FX Pairs and Price Action Education please check out my Forex Educational Course.
Rick said,
January 30, 2010 @ 6:03 pmExcellent example of a live fakey setup I got on this one yesterday after reading the daily commentry, very impressed.