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PRICE ACTION FOREX TRADING COURSE
4 hour pin bars with the gold uptrend
We have been dissecting the daily gold chart a lot recently due to the strong uptrend it has formed and the numerous excellent price action signals that have allowed traders to enter very accurately into this trend.
The 4 hour chart has also been providing some very decent price action setups recently. Most recently there is another set of back to back bullish pin bars that have formed just off the daily up trend line that are threatening to push prices higher yet again. We will follow this setup and update it as it plays out. Price action trend trading with gold has been extremely lucrative lately.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar gained on most of the other major currencies today except for slight losses to the Japanese yen and Euro. The euro strengthened on the back of a weakening pound which caused the EUR/GBP to strengthen along with the other euro pairs.
The Japanese yen gained substantial ground today again as equities pushed lower again and risk appetite waned.
For the quarter the S&P 500 dropped 12 percent, the Dow lost 10 percent, and the Nasdaq lost 12 percent as worries about European debt and the sustainability of the U.S. economic recovery caused investors to retreat from the peak hit back in April.
The Dow lost 96.28 points today, or 0.98 percent, the S&P 500 lost 10.53 points, or 1.01 percent, and the Nasdaq lost 25.94 points, or 1.21 percent.
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