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PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
The euro hit a 14-month low today as traders dumped the faltering euro-zone currency and flocked into safe-haven currencies like the yen and U.S. dollar.
The greenback soared today as investors became increasingly fear full about holding riskier assets due to the increasing Euro-zone debt issues. The Japanese yen was the strongest currency of the day however, trading higher even against the U.S. dollar.
Stocks:
On Wall Street today stocks ended lower again as investors became more anxious that the fallout from the Greek debt crisis could spread into other European economies.
Resource and industrial stocks weighed on the stock market today as they are typically sensitive to the global economic growth outlook. Crude oil fell nearly $3 a barrel down to $79.97 which worked to put further pressure on energy shares.
The Dow lost 58.65 points, or 0.54 percent, the S&P 500 shed 7.73 points, or 0.66 percent, and the Nasdaq dropped 21.96 points or 0.91 percent.
Currency pair in focus: AUD/JPY
The current daily AUDJPY chart is a good example of how to trade a consolidating market with price action setups.
Notice the market has been essentially trading in a range between about 87.50 and 84.65 for the about the last 4.5 weeks. Note the pin bars in the chart. Pin 1 was not that great of a signal because it was a smaller pin bar and against the recent uptrend. However, once pin 2 formed you would have taken note that this was the 2nd pin bar showing rejection of resistance near 87.50. Plus there were a few other long-upper-shadow candles as well, further indicating the bulls were exhausted.
This is just one example of how to effectively use price action to trade the forex market. For more great examples please click here: Forex Trading Videos
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
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