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PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The U.S. dollar was stronger against the euro, British pound, and Canadian dollar today, but it lost ground to the other majors.
The EURUSD has closed lower in 5 of the last 6 trading sessions; in those 5 lower closes were 3 bearish daily pin bars showing rejection of any attempt to move higher.
Trading Setups / Chart in Focus:
EURJPY
The EURJPY formed a bearish inside bar setup / pin bar today, this came after the large pin bar setup from last Friday broke to the downside as expected.
We first discussed Friday’s bearish pin bar setup as a solid short setup in our member’s commentary last Friday, prior to the setup coming off. Our member’s who took the short are now sitting pretty as today’s bearish inside / pin bar adds further confirmation to the possibility of a re-test of support near 108.50 and provides traders the chance to move stops to break-even for a “free trade”.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today stocks moved higher as strong earnings and a range of merger activity supported the up move as well as investors’ optimism for the coming year.
Adobe Systems Inc jumped 6 percent to $30.93 after it gave an upbeat forecast, while coal miner Massey Energy Co rose on expectations the company was lining up potential buyers. Massey gained 1.2 percent to $52.45.
The Dow added 55.03 points, or 0.48 percent, the S&P 500 gained 7.52 points, or 0.60 percent, and the Nasdaq added 18.05 points, or 0.68 percent.
Upcoming important economic announcements: 12/22
4:30am EST: Britain – Current Account
4:30am EST: Britain – MPC Meeting Minutes
10:00am EST: United States – Existing Home Sales
4:45pm EST: New Zealand – GDP q/q
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