Forex Trade Setups Commentary: GBPUSD Gains More Ground Into Week’s End, 14th September 2012

Posted on

Trading Setups / Chart in Focus:


The GBPUSD surged higher again today to end an impressive week and four consecutive days of gains. Today, the market blew right past the long-term resistance level through 1.6165 and plowed higher to close at 1.6219.

We would note that there have been two obvious and high-probability daily chart entries into this recent move higher. The first was the pin bar setup that formed back on August 28th just after the market broke out from key 1.5770 resistance and then came down to re-test it, forming the pin bar rejection of that level. Then, on September 10th an inside bar strategy formed in the middle of this recent thrust higher. We discussed this inside bar setup in our members’ commentary and the potential for price to move higher off of it. We can see price has move higher off this setup and provided anyone who traded it with at least a potential 1:2 risk reward ratio.

Next week, we will be looking to buy this market on retraces down into support, pending price action confirmation


Check out my latest trading lesson: How To NOT Blow Up Your Trading Account

September Special Promotion- This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.

Forex Commentary:

In the currency markets today, the U.S. dollar lost ground to most of the other majors today, moving to a four-month low against the euro as optimism over the Federal Reserve’s new round of economic stimulus continued.

Also, increasing confidence about the euro-zone debt crisis on the back of European Central Bank action worked to further boost the euro to a 2.4% gain versus the U.S. dollar this week.

The U.S. dollar exploded higher against the Japanese yen as speculators think Japan might intervene in the currency markets soon to limit the yen’s recent gains against the greenback.

Other Markets:

In the U.S. markets today, stocks moved higher again to mark two weeks of gains after the Federal Reserve’s new round of economic stimulus worked to end this week on a high note.

The Dow added 53.51 points, or 0.40%, the S&P 500 gained 5.78 points, or 0.40%, and the Nasdaq added 28.12 points, or 0.9%.

Upcoming important economic announcements (New York time): 09/17/2012

9:30pm EST: Australia – Monetary Policy Meeting Minutes

Leave a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Learn To Trade The Market Pty Ltd, it's employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

Copyright 2008-2014 Learn To Trade The Market