Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street today stocks closed slightly higher with the Dow up just over 4 points, the S&P up nearly 2 points and the Nasdaq adding 4 points. Overall trading was rather quiet due to another large winter snow storm that hit the Northeastern part of the U.S.
Next week the market receives the all important U.S. Non-Farm Employment Change and Unemployment Rate amongst a truck load of other economic reports. We will keep traders updated as to which reports are the most significant to watch and the times they are released as usual at the end of our daily commentary.
Currencies:
The currency markets relatively quiet today following the lead of equity markets. The U.S. dollar was mostly lower against the majors as commodities rose along with stocks. The exception was the British pound which lost just over 10 pips to the green back.
The upcoming trade week is going to be loaded down with important economic news releases which will likely result in volatile currency trading conditions. This is a bonus for all of us price action traders. Well defined price action setups are more likely to result in big moves under volatile trading conditions.
Currency pair in focus: USD/CHF
Today’s currency pair in focus is the daily chart of the USDCHF. The chart is showing a fakey setup which formed on Thursday and came off to the downside into Friday’s New York close.
The chart shows a previous attempt to break resistance near 1.0850 which was also met with a false break, but not a fakey. The second attempt to break 1.0850 occurred on Thursday of this week and resulted in a fakey setup.
While we don’t generally advise new traders to take counter-trend price action setups such as the one featured in today’s chart, they do often work out if they form near areas of strong support or resistance such as the one we are looking at today.
For a more in-depth analysis of the day’s price action setups as well as forex market commentary, please check out my forex price action trading course.
Rimas said,
February 28, 2010 @ 5:00 amJust wanted to thank Nial so much for the course update, it just opened my eyes for second time just even stronger. Great stuff. Price action rules, je je