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PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
Gold and Silver both made new all-time highs today, with gold hitting a high of $1427.40 an ounce and silver hitting a high of $30.28 an ounce.
The U.S. dollar gained modestly against the other majors today, with its only loss coming against the Japanese yen, by only a few pips.
Trading Setups / Chart in Focus:
GBPJPY
The GBPJPY formed an inside bar setup today just below a horizontal resistance area near 130.50-131.00. The 8 and 21 day emas are crossed lower, so this price action setup is in-line with daily momentum.
We would need to see a break below the mother candle low of 129.43 for this trade setup to trigger a short entry, stops would be placed about 100 pips above entry and targets about 200 pips below, for a risk to reward of 1 to 2. This is simply an example of how you can use the inside bar setup to enter a falling market, it is not a recommendation to trade.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my price action forex trading course.
Other Markets:
On Wall Street today stocks closed little changed, subdued by concerns about Europe’s debt crisis, which weighed on investor sentiment.
Adding further fuel to the negative tone on Wall Street today were downbeat comments about the economy from U.S. Federal Reserve Chairman Ben Bernanke.
The Dow lost 19.90 points, or 0.17 percent, the S&P 500 fell 1.59 points, or 0.13 percent, and the Nasdaq added 3.46 points, or 0.13 percent.
Upcoming important economic announcements: 12/7
4:30am EST: Britain – Manufacturing Production m/m
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9:00am EST: Canada – Overnight Rate
7:30pm EST: Australia – Home Loans m/m
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